| January 31, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today's lead story in the Washington Post by Eli Saslow titled "The moral calculations of a billionaire" is a lengthy, well-written piece telling the story of Leon Cooperman, the son of an immigrant plumber who died of a heart attack while carrying a sink up the stairs of a four story building. Leon Cooperman would go on to become a Wall Street trader and hedge fund manager. Cooperman and his wife don't spend money like other billionaires and pledged to give 90 percent of their wealth away, and he continues to work, making more money, not for his use or amusement, but simply to give away to people he doesn't know. He is also asking some of the politicians who are critical of billionaires, "What did I do wrong?" It is well worth the read. He believes that the American Dream, while more difficult today, is still achievable, a belief I also hold.
When the BSTX was approved for trading by the SEC, there were 30 stories published about it in everywhere from Bloomberg Law to Finextra to The Sherwood News to The Trade News to Benzinga and more.
Do you know the story about the non-fungible tokens that are called the Bored Ape Yacht Club? An article in melmagazine.com by Eddie Kim asks the question "Is America's Biggest NFT Full Of Alt-right Red Flags?" The sub headline is "Bored Ape Yacht Club is a favorite of Jimmy Kimmel, Steph Curry and countless VCs, but one artist argues that the NFT is hiding neo-Nazi imagery and racist dog whistles." It is an interesting take on how this technology could be being used to influence more than we know.
Well, this is not good news. Fast Company has a story that climate change could cause the world to lose half of its best coffee-growing land under a moderate climate change scenario. This of course would lead to higher prices. Brazil, the world's largest coffee producer, would see its most suitable coffee-growing land decline by 79 percent.
The Wall Street Journal's Jason Zweig has a story titled "The Two Things to Do When the Stock Market Gets Crazy." Neither one of them is changing your underwear, which seemed strange to me. And neither was checking the veracity of your quotes, which is something people often do.
Is it me or does there seem to be compensation fixing in CEO pay at the biggest banks? Why are all the CEOs of the largest global investment banks being paid $35 million for 2021? Goldman Sachs CEO David Solomon was joined by Morgan Stanley's James Gorman at the magic $35 million figure. Somehow JP Morgan CEO Jamie Dimon only earned $34.5 million in 2021.
The Wall Street Journal has a commentary we can all use: "How to Find and Keep Friends: A Guide for Middle Age." Meeting new people and prioritizing friendships you already have are doable, even in a prolonged pandemic, but friendship coaches say you have to make an effort, according to the sub headline.
Thank you to Laura Harper Powell and Bruce Tupper for their signed copy of the book "Regtech, Suptech and Beyond. Innovation in Financial Services" from Risk Books.
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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Stock Market Selloff Worries Investors & Regulators; Adam Dell Launches Domain Money; CME Group Announces Records
JohnLothianNews.com
- Regulators Crack Down on Trading apps; Adam Dell Launches Domain Money; The CME Group Announces New Options Records
- John talks with Henry Schwartz for "John's Take"
- What is The VIX Index Anyway? with Russell Rhoads
Watch the video »
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Who Really Got Rich From the GameStop Revolution? During a revolt against Wall Street, some pros still figured out a way to win
Spencer Jakab - WSJ
When Reddit became the rowdy center of the investing universe last January, its co-founder Alexis Ohanian called the frenzy a "revolution" and a "chance for Joe and Jane America, the retail buyers of stock, to flex back and push back." Maybe one day, he mused, the members of Reddit's WallStreetBets forum could do more than just ambush hedge funds - they could outperform those highly-paid investors.
/jlne.ws/3rh3gLs
*****Anyone can make money. But can you keep it?~JJL
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White House Wants Crypto Rules as a Matter of National Security
Daren Fonda - Barron's
The Biden administration is preparing to release an executive action that will task federal agencies with regulating digital assets such as Bitcoin and other cryptocurrencies as a matter of national security, a person familiar with the White House's plan tells Barron's.
/jlne.ws/3HfvUC0
*****This could be very disruptive to the crypto space. It is something to watch.~JJL
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Friday's Top Three
Our top story Friday was The Financial Times' The curious case of rising stocks in the night-time, which was also our Staff Pick in the JLN Week in Review. Second was CNBC's Here's how much money you have to earn to be in the top 1% in every US state, for the fourth time in the top three. And third was another Financial Times story, Ex-Deutsche Bank traders have Libor-rigging convictions overturned.
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MarketsWiki Stats
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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 moral calculations of a billionaire; After the best year in history to be among the super-rich, one of America's 745 billionaires wonders: 'What's enough? What's the answer?'
Eli Saslow - Washington Post
The stock market had been open for only 17 minutes when Leon Cooperman picked up the phone to check how much money he'd made. He dialed a private line to his trading desk in New Jersey, just as he did a dozen times each day. "Decent start to the morning?" he asked.
/jlne.ws/3AKbGOv
Crypto's 'Tornado Cash' fans money laundering fears, may be 'tip of the iceberg'
David Hollerith - Yahoo Finance
On January 17th, with cryptocurrency prices being widely routed by risk aversion, Crypto.com flagged a "security incident" that caused the operation to freeze withdrawals. Days later, the Singapore-based exchange announced that hackers had stolen at least $15 million worth of Ethereum (ETH) tokens — and potentially as much as $33 million, according to independent estimates — but pledged to reimburse those affected. Crypto.com faulted some accounts for a lack of 2-factor authentication for the breach, but didn't provide many other details.
/jlne.ws/35BtnUV
SEC's crypto crusade at risk in looming legal battles
Sam Sutton - Politico
In 2021, the SEC went after crypto. In 2022, crypto is coming for the SEC. Securities and Exchange Commission Chair Gary Gensler has vowed to rein in what he's dubbed "Wild West" abuses in the $1.6 trillion market. Industry leaders, flush with cash and deep-pocketed investors following a trading boom in Bitcoin and other digital assets, are aiming their lawyers at the sheriff of Wall Street in an intensifying legal fight.
/jlne.ws/3HgZneM
Blockchain-Fueled Stock Exchange BSTX Gets Greenlight From SEC
Benjamin Bain - Bloomberg
Approval doesn't apply to the trading of digital tokens; Technology would be used for services such as settlement
The BSTX exchange won approval from U.S. regulators for a plan to use blockchain technology to fuel key aspects stock trading. The approval, announced on the SEC's website late Thursday, is being hailed by some as a milestone in a push for regulated crypto markets. However, the SEC said in its filing that the go-ahead doesn't apply to the trading of digital tokens -- meaning that the exchange won't be able to start offering cryptocurrencies and other virtual assets.
/jlne.ws/3rddVqb
A Rising Crypto Star Has the SEC and Volatile Markets in Her Way; Ophelia Snyder, 29, is already managing $2.5 billion. She's now teaming up with Cathie Wood to bring a Bitcoin ETF to the U.S. — if regulators allow it.
Claire Ballentine - Bloomberg
Ophelia Snyder spent her early twenties making marine biology documentaries for the Discovery Channel. Now, at 29, she's managing $2.5 billion in a risky and volatile corner of finance. Snyder's firm, 21Shares, is based in Zug — known as Switzerland's Crypto Valley — and offers European investors exchange-traded funds based on Bitcoin as well as tokens familiar only to the crypto cognoscenti, like Polkadot and Avalanche.
/jlne.ws/3IPhGrP
Crypto Lending Firms Celsius Network, Gemini Face SEC Scrutiny
Joe Light, Matt Robinson, and Zeke Faux - Bloomberg
Review focuses on whether offerings are securities, people say; High-yield products have sparked investor protection concerns
The U.S. Securities and Exchange Commission is scrutinizing cryptocurrency firms Celsius Network, Voyager Digital Ltd. and Gemini Trust Co. as part of a broad inquiry into companies that pay interest on virtual token deposits, according to people familiar with the matter.
/jlne.ws/3gbzZeF
Retooling capitalism; In pushing to reduce carbon emissions and boost diversity and inclusion, can ESG investors push corporations to be more socially conscious—and still profitable?
Judith Crown - Crain's Chicago Business
Loyola University Chicago in fall 2021 joined a growing cadre of investors kicking oil and gas companies out of their investment portfolios. Trustees of the Jesuit university announced in October that its $929 million endowment would favor funds or companies working to reduce carbon emissions and address climate change. It's a move spurred by student advocacy as well as a consideration of Jesuit principles, says Chief Investment Officer Katharine Wyatt: "Sustainability is a reflection of our mission and identity."
/jlne.ws/3KRB9dd
Opinion: 'Web3' is on the way. Authoritarians should be worried.
Anthony Vinci and Nadia Schadlow - Washington Post
The Internet once held great promise as a means of empowering individuals, but it has become yet another path of control for bad actors. Today, authoritarian governments and companies around the world track and surveil individuals; data is not private and is sold for profit; some states algorithmically "score" their citizens; and propaganda and disinformation are rampant.
/jlne.ws/3s39QEf
An Army of Faceless Suits Is Taking Over the $4 Trillion Hedge Fund World
Nishant Kumar - Bloomberg
The most successful idea in hedge funds is now simply strength in numbers. Investors are plowing money into funds that don't rely on the next macro genius or star stockpicker, but instead offer an army of traders who invest in an array of strategies. These behemoths secured pretty much all of the new money in the hedge fund industry last year, cementing a tectonic shift that's accelerated since the pandemic.
/jlne.ws/35sx4fq
Crypto Slide Puts Outlook of a Billion Investors by 2023 to Test
Akayla Gardner - Bloomberg
Bitcoin selloff isn't hampering loyalists' hopes for adoption; Investor base seen tripling from last year, Crypto.com says
Weakness in the crypto market is providing a sobering backdrop for bullish forecasts, but adherents remain undeterred. Trading-platform Crypto.com estimates 1 billion people will invest in cryptocurrencies by the end of this year. It's a lofty target. Not only is it more than triple the amount from last year, based on the company's data, but many suspect Bitcoin and other digital assets are entering a crypto winter.
/jlne.ws/343299f
SEC Change in Definition of Exchanges May Affect DeFi
Shanny Basar - Markets Media
Hester Peirce, commissioner at the Securities and Exchange Commission, said the US regulator proposed changes of its rules that define exchanges could affect decentralized finance (DeFi) and new trading venues. DeFi allows customers to recreate some traditional financial services in a decentralized way on a blockchain using smart contracts - such as lending their assets
/jlne.ws/33SbLDS
Ex-Central Bank Chief Mark Carney Adds Consulting Role to Job Portfolio; Carney, also the U.N.'s climate and finance envoy, will retain his role as an executive at Brookfield Asset Management
Jason Douglas - WSJ
Mark Carney, the former head of the central banks of the U.K. and Canada and the United Nations' point man on climate change and finance, has taken on a new role advising companies on the global economy with Macro Advisory Partners, a consulting firm.
/jlne.ws/3AL2l8Y
Crypto risks 'destabilising' emerging markets, says senior IMF official; 'We can't just dismiss' digital assets, warns financial counsellor Tobias Adrian
Chris Flood - FT
Sharp price swings in cryptocurrencies are causing "destabilising" capital flows in emerging markets, and the use of crypto in place of traditional currencies poses "immediate and acute risks", according to a senior official at the IMF.
/jlne.ws/3rf5cnF
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Omicron Pushes Health Authorities Toward Learning to Live With Covid-19; Nations abandon restrictive steps to contain the virus even as cases of the relatively mild variant surge
Dasl Yoon - WSK
The Omicron variant spreads so quickly and generally causes such a mild form of illness among vaccinated populations that countries are tolerating greater Covid-19 outbreaks, willingly letting infections balloon to levels that not long ago would have been treated as public-health crises.
/jlne.ws/3gdXHXA
New Research Hints at 4 Factors That May Increase Chances of Long COVID
Pam Belluck - NY Times
It is one of many mysteries about long COVID: Who is more prone to developing it? Are some people more likely than others to experience physical, neurological or cognitive symptoms that can emerge, or linger for, months after their coronavirus infections have cleared?
/jlne.ws/3snLZzB
When Your Office Decides the Pandemic Is Over; The burden shouldn't be on you to draw boundaries, but you will have to do it.
Roxane Gay - NY Times
Seething With Pandemic Resentment
I have worked for three years as a legal adviser to the president and founder of a growing company of about 100 people. I am the liberal book nerd in what feels like a sea of Fox News fans, but in the past we have shied away from politics and gotten along well. Even though none of my colleagues was going to end up being my BFF, I admired them for their skills and lack of pretension.
/jlne.ws/3rfVHoj
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Eurex upgrade timeline too tough, say banks As exchanges prepare roll-out of major upgrades, banks are struggling to cope
WatersTechnology Staff
European clearing firms are calling on Eurex to delay a major upgrade to its derivatives platform—a move that will allow the bourse to launch futures with more expiries—citing a lack of time to prepare and implement the technical changes requested by the exchange. Eurex's so-called Next Generation derivatives initiative will see it introduce sub-monthly contracts, which would allow for multiple expiries on the same underlying several times a month, as opposed to a single expiry, usually at the
/jlne.ws/3H5ZfPg
MCX Reports Net Profit Of Rs 34.46 Cr In Q3 FY 2022
Mondovisione
Multi Commodity Exchange of India Ltd (MCX) announced its audited financial results for the third quarter ended December 31, 2021.
/jlne.ws/3o9kSXl
Amman Stock Exchange: Delaying The Start Time Of Working Hours And Trading Session For Tomorrow Sunday 30 January 2022
Mondovisione
In light of the decision of Prime Minister to delay the official office hours of the government departments and official institutions due to the weather conditions, the Amman Stock Exchange will start its business for tomorrow Sunday, January 30, 2022 at 10:00 a.m., and the trading hours will be as the following:
/jlne.ws/3KXLu7O
CCP12 Published CCP12 Bi-annual Newsletter 2021 - Winter Edition
CCP12
/jlne.ws/3uexAbt
ETF & ETP statistics 2021: Investor focus on sustainability, bond ETFs and cryptocurrencies
Deutsche Börse Group
ETF fund volumes record record increase to over 1 trillion in 2021 EUR; Xetra remains Europe's leading exchange for ESG ETFs with turnover of EUR33.6 billion; Average monthly trading volume in crypto ETNs grows by 922 percent
The market for Exchange Traded Funds (ETFs) reached a new record level last year: invested assets in Deutsche Börse's ETF segment exceeded EUR 1 trillion for the first time. EUR (+39 percent; 2020: EUR788.1 billion). With a trading volume of EUR205 billion in 2021 and a product range of 1,757 ETFs, Xetra is the leading trading venue for ETFs in Europe.
/jlne.ws/3G8XsaY
NGX, Nigerian SEC Engage Stakeholders On ISB At Lawmakers' Retreat
Mondovisione
It is well-known that countries with well-developed capital markets experience higher economic growth. In addressing what actionable steps need to be taken to build the capital market we desire, the Chief Executive Officer, Nigerian Exchange Limited, Mr. Temi Popoola, CFA addressed capital market stakeholders at the Investment and Securities Bill (ISB) Lawmakers' Retreat convened by the Securities and Exchange Commission (SEC) on 30 January 2021.
/jlne.ws/3Hkyqac
Nasdaq Fund Network Adds 555 New 529 Plan Share Classes in 2021; New Share Classes Account for 68% Increase in 529 plans on Nasdaq Fund Network
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) announced today that it added over five hundred and fifty 529 plan share classes to the Nasdaq Fund Network in 2021, a 68% increase and more than double than any previous year-over-year increase. The Nasdaq Fund Network provides searchable ticker symbols and daily pricing, which allow more transparency into 529 savings plans for investors across hundreds of retail brokers and media sources.
/jlne.ws/3oddFWr
BME implements European regulation that harmonises securities settlement and aims to improve its efficiency
BME-X
The Settlement Discipline Regime (SDR)'s penalty regime comes into force tomorrow; The European regulation implies the implementation of a system for monitoring fails in the settlement of financial instruments and penalty mechanisms.
As of tomorrow, BME, through Iberclear, its central securities depository, will implement the Settlement Discipline Regime, known as SDR, linked to the European Regulation on the improvement of EU securities settlement.
/jlne.ws/3uiFMr1
The Ministry of Finance of the Republic of Cyprus, SIX and the Cyprus Stock Exchange announce the Dual-Listing of the EMTN (EURO MEDIUM TERM NOTES) of the Republic of Cyprus at the Cyprus Stock Exchange
BME-X
Today, the Ministry of Finance of the Republic of Cyprus, SIX and the Cyprus Stock Exchange announced the successful establishment of the post-trade infrastructure required to facilitate the dual- listing of the EMTN of the Republic of Cyprus at the Cyprus Stock Exchange.
/jlne.ws/3IR2CKt
-- Performance Bond Requirements: Energy & Interest Rate Margins - Effective January 31, 2022 - CME
-- New User Interface for Collateral Management Production Launch - CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Swiss Fintechs Raised US$530M in 2021, More Than Double 2020's Total
Fintechnews Switzerland
Data from Dealroom show that Swiss fintech companies raised a total of US$530 million, up 129% from 2020. The surge followed a period of stagnation during which annual fintech funding hovered in the US$200 million - US$300 million range, after peaking in 2017 at US$532 million.
/jlne.ws/3L0dGa4
Euroclear teams up with fintech to expand ESG services
Reuters
Euroclear, one of the world's biggest settlement systems for stock and bond trades, has bought a big stake in fintech Greenomy to tap into growing demand for services that help firms meet new rules on reporting their environmental impact. The European Union is rolling out mandatory environment, social and governance (ESG) reporting for companies and asset managers to give investors more comparable information about the impact of climate change and other factors on their businesses.
/jlne.ws/32KxDAg
"Fintech jobs are a huge opportunity for young people"
Sarah Butcher - eFinancialCareers
If you're looking for a job after you leave university, Matt Cheung, a serial entrepreneur in the financial services sector, says you should broaden your search. Don't just look for graduate jobs in the big banks when a faster-growing and more exciting alternative is on offer.
"A lot of young people go through the milkround and meet people working in traditional finance," says Cheung. "When I mentor students, I notice that they're often very fixated on getting into particularly very, very competitive roles at big firms like Goldman Sachs, but there's a whole range of different opportunities out there."
/jlne.ws/34oe94N
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| Cybersecurity | | Top stories for cybersecurity | Top 10 Cybersecurity Research Papers to Know About in 2022
Sayantani Sanyal - Analytics Insight
Since our world has moved into cyberspace, we have developed different ways of protecting information from cyber criminals. With the emergence of the Covid-19 pandemic, industries across the globe were forced to reconsider their regular working conditions and stayed home while transitioning to a completely digital process of working. This led to an increase in data and sensitive document transfers occurring in the cloud. So, companies are seeking new and inventive methods to protect against hackers and data breaches. As we step into 2022, cybersecurity experts are chasing new innovative techniques to realize the different ways in which cyber criminals can attack and unknown vulnerabilities that should immediately be eradicated. So, in this article, we have enlisted top cybersecurity research papers that professionals or aspiring cybersecurity professionals should know about in 2022.
/jlne.ws/34ingUO
Zero Trust Security Model Meets Federal Agencies in New OMB Initiatives
D. Howard Kass - MSSP Alert
Federal government agencies will adopt zero trust cybersecurity principles to meet specific standards and objectives as newly detailed by the Office of Management and Budget (OMB), according to a new memorandum issued by the supervisory office.
In a zero trust model, no actor, system, network or service operating outside or within the security perimeter is trusted. Everything every time must be verified prior to access. It represents a dramatic shift from how infrastructure, networks and data have been secured in federal agencies for years. In increasing numbers, both the public and the private sector are navigating towards the security framework.
/jlne.ws/3s41GM7
Data Matters Privacy Blog U.S. and Foreign Cybersecurity and Intelligence Agencies Recommend Measures to Counteract Threat of Russian Cyberattacks
Alan Charles Raul, Sujit Raman, Stephen McInerney and Vishnu Tirumala - Data Matters
On January 11, 2022, the Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the National Security Agency (NSA) recently released a joint Cybersecurity Advisory warning critical infrastructure operators about the threat of Russian state-sponsored cyberattacks and recommended best practices to minimize disruption from such an attack (the "Advisory").
/jlne.ws/3AImEUE
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto.com hires LeBron James in its $1 billion bid to become as big as Instagram
Yvonne Lau - Fortune
Basketball star LeBron James is the latest celebrity to team up with cryptocurrency exchange Crypto.com on its splashy marketing blitz that already includes actor Matt Damon and naming rights for a Los Angeles sports arena.
/jlne.ws/3rcm9z1
Mercari and DAR Announce Mercari DAR; Crypto Reference Rates priced in AUD; Mercari DAR Bitcoin Reference Rate and Mercari DAR Ethereum; Reference Rate are first local and robust crypto benchmarks
denominated in Australian dollars
FEX
Mercari, licensed to operate an Australian Tier 1 financial market for derivatives, and Digital Asset Research (DAR), a leading
provider of crypto asset data and research, today announced the launch of Mercari DAR Crypto Reference Rates priced in Australian dollars (AUD). The new reference rates are the first local and robust AUD crypto asset benchmarks for the Australia and Asia markets.
/jlne.ws/32G6KO3
Binance Builds Up $1 Billion Insurance Fund Amid Crypto Hacks
Ben Bartenstein - Bloomberg
Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo.
/jlne.ws/3Hfn2MU
FTX Trading Ltd. Closes $400M Series C Round; The Company's valuation grows to $32B as a result of this latest round
FTX Trading Ltd.
FTX Trading Ltd. ("FTX" or "the Company"), owner and operator of FTX.COM, today announced the closing of a $400 million Series C fundraise, increasing the valuation of the Company to $32 million. The round saw participation from Temasek, Paradigm, Ontario Teachers' Pension Plan Board, NEA, IVP, SoftBank Vision Fund 2, Lightspeed Venture Partners, Steadview Capital, Tiger Global, and Insight Partners, among others.
/jlne.ws/3rfPubZ
Wealthsimple Founder Says Canada Should 'Plant a Flag' in Crypto
Kevin Orland - Bloomberg
Canada's policy makers and regulators should work to make the country a leading destination for cryptocurrency and blockchain companies as part of a broader strategy to diversify its economy, Wealthsimple Chief Executive Officer and co-founder Mike Katchen said.
/jlne.ws/3IREQ0R
Crypto Coin Holders Vote Felon Treasurer Out of DeFi Project
Olga Kharif and Emily Nicolle - Bloomberg
Quadriga co-founder was managing Wonderland's treasury; Wonderland's future is unclear; some users want it to close
Investors in decentralized-finance project Wonderland have voted out a felon who was overseeing the project's treasury. Some 87% of Wonderland's participating token holders voted to oust the project's treasury head, who goes by the pseudonym Sifu or OxSifu and was unmasked as Michael Patryn, a co-founder of the failed Canadian crypto exchange QuadrigaCX. Wonderland, which lets people earn yield on their digital coin holdings, has a treasury of $670.4 million, per its website.
/jlne.ws/3AP7wVE
Binance Restricts Nigerian Crypto Accounts on Security Concern
Emele Onu - Bloomberg
38% of the affected accounts blocked due to international law; Nigerians are trading cryptocurrencies despite government ban
Binance Holdings Ltd., one of the world's biggest crypto exchanges, said it restricted the personal accounts of some Nigerian users to comply with anti-money laundering regulations and ensure the security of the platform for traders.
/jlne.ws/3oea5v5
Meta files trademark registration for crypto-related products
Ali Raza - Insidebitcoins.com
Meta, formerly Facebook, has filed for a trademark application in Brazil. The application filed with the Brazilian National Institute of Industry Property (NPI) touches on various crypto products and services.
/jlne.ws/3rfsw4y
Treasury Has Self-Hosted Wallets And Adding Crypto To BSA On 2022 Agenda
Jason Brett - Forbest
First reported by CoinDesk, the Semiannual Agenda and Regulatory Plan of the U.S. Department of the Treasury, which includes the most important regulations that are expected to be issued, indicate two critical proposed rules impacting the cryptocurrency industry are likely up for consideration again.
/jlne.ws/3uiuRxw
Victim of a $80M Crypto Theft, DeFi Platform Qubit, Begs Hackers for its Money Back; The platform, that connects lenders and borrowers, offers hackers $2 million to return the loot.
Luc Olinga - The Street
This is information that the crypto space would have done well without. Qubit Finance, a decentralized finance (DeFi) platform that allows users to loan and speculate on cryptocurrency price variations, has been hacked.
/jlne.ws/3438MZ2
Cryptocurrency is in a hiring frenzy — and you might just be a fit
Vicki Salemi - NY Post
It's a bold new world, and as cryptocurrency gains mainstream street cred, there's a sizzling gold rush in hiring. According to a new Indeed report, searches for careers in cryptocurrency and blockchain (the technology which supports it) have spiked, and postings for careers in the field have jumped by 118 percent as of July 2021, compared with the previous year. Michael Hearne, CEO of Decentral Publishing and creator of "Uncensored Crypto," an online docuseries, isn't surprised.
/jlne.ws/3gii5qt
Genesis sees record loan volumes as institutional interest in crypto booms; The prime crypto brokerage loaned $50 billion to institutional borrowers including hedge funds last quarter, while crypto derivatives trading on the platform also hit record levels.
Laurie McAughtry - The Trade
Crypto prime brokerage, Genesis, has released record performance figures for the fourth quarter of 2021, highlighting the seemingly unstoppable march of cryptocurrency into the mainstream.
/jlne.ws/3rcBU99
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| Politics | | An overview of politics as it relates to the financial markets | NATO concerned over Europe's energy security amid standoff with Russia
Kylie Maclellan and Maxim Rodionov - Reuters
Europe needs to diversify its energy supplies, the head of NATO said on Sunday, as Britain warned it was "highly likely" that Russia, the continent's biggest natural gas supplier, was looking to invade Ukraine.
/jlne.ws/3reye6H
Colorado Governor Says His Crypto Plan Withstands Market Selloff
Ryan Teague Beckwith - Bloomberg
Polis's proposal seeks to accept state tax payments in crypto; Simply a means of exchange, he tells U.S. governors' meeting
Colorado Governor Jared Polis said the slide in the crypto market doesn't undermine his proposal to accept state tax payments in Bitcoin and other virtual currencies.
/jlne.ws/34lSH0C
Crypto super PAC backed by Anthony Scaramucci's firm targets midterms; The crypto super PAC's backers include SkyBridge Capital, the hedge fund led by former Trump communications director Anthony Scaramucci.
Sam Sutton - Politico
The cryptocurrency industry is gearing up to invest big in the midterms. A group of crypto financiers said Friday it's launching a super PAC that aims to spend more than $20 million to support congressional candidates ahead of the November elections. The backers include a top executive at the digital currency trading platform FTX, as well as SkyBridge Capital, the hedge fund led by former Trump communications director Anthony Scaramucci, who is trying to start a Bitcoin investment fund.
/jlne.ws/3AIpOru
Biden's Sanctions Plan Targets Russian Banks, Companies and Imports if Ukraine Is Attacked, The plan, which is still being finalized, would prohibit a range of activities
Ian Talley, Brett Forrest - WSJ
The Biden administration is finalizing its targets for a barrage of economic sanctions against Russia if it attacks Ukraine—hitting major Russian banks, state companies and key imports, though the strategy faces obstacles that have hindered previous pressure campaigns.
/jlne.ws/3AIvRMJ
Chamber of Commerce Raises Concerns Over Fed Nominee Raskin; Sarah Bloom Raskin has called for regulators to promote a rapid transition away from high-emission investments
Andrew Ackerman - WSJ
The U.S. Chamber of Commerce, one of Washington's largest business groups, is raising concerns about Sarah Bloom Raskin, President Biden's nominee to become the government's top banking supervisor, after her calls for regulators to speed up the transition from fossil fuels.
/jlne.ws/3L9JKIL
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Asia's virtual banks need regulator oversight to guard data, says BIS
Bloomberg via Business Times
The rise of virtual banking across the Asia region will boost financial inclusion, but regulators will need to ensure consumer data is protected, according to a new paper from the Bank for International Settlements (BIS).
/jlne.ws/3rc3dR1
Hong Kong regulator fines Citi unit US$45m for serious regulatory failures
Reuters via Business Times
Hong Kong's markets watchdog has fined a Citigroup unit US$44.68 million for what it called serious regulatory failures over client facilitation activities, attributing the fault to former senior management at the bank. The Securities and Futures Commission said Citigroup Global Markets Asia had allowed trading desks under its Cash Equities business to make misrepresentations to institutional clients when executing facilitation trades from 2008 to 2018.
/jlne.ws/3s0iRhl
US SEC approves new US exchange with blockchain feed, faster settlement
Reuters via Business Times
The US Securities and Exchange Commission (SEC) late on Thursday approved the country's 17th stock exchange, a subsidiary of Boston-based BOX Exchange, which will incorporate blockchain technology. The new exchange, named BSTX, aims to launch in the second quarter, said Jay Fraser, a director. It will initially trade securities, such as stocks or exchange-traded funds, first listed on its exchange, but those securities would be tradable on rival bourses.
/jlne.ws/3rappux
Remediation Helps Tech Company Avoid Penalties; SEC's fraud case against Silicon Valley-based HeadSpin, Inc.'s former CEO is ongoing
SEC
The Securities and Exchange Commission today announced settled fraud charges without a penalty against HeadSpin, Inc., a private technology company that made significant remedial efforts in the wake of an internal investigation into misconduct by its now former CEO.
/jlne.ws/3oeB8Xb
Statement on Pay versus Performance
Chair Gary Gensler - SEC
Today, the Commission is reopening the comment period for a proposed rule for corporate disclosure of "pay versus performance." I support this proposed rule because, if adopted, it would strengthen the transparency and quality of executive compensation disclosure.
/jlne.ws/35qYkLh
SEC Obtains Final Judgment Against Defendants in Stock Research Scheme
SEC
Securities and Exchange Commission v. SeeThruEquity, LLC, Ajay Tandon, and Amit Tandon, No. 1:18-cv-10374-LLS (S.D.N.Y.)
On January 21, 2022, the U.S. District Court for the Southern District of New York entered a final judgment against defendants Ajay Tandon and Amit Tandon for their involvement in a stock research scheme and for illegal "scalping" in connection with that scheme.
/jlne.ws/3ISm3Te
SEC's Fraud Case Against Silicon Valley-Based Headspin, Inc.'s Former CEO Is Ongoing
SEC
The Securities and Exchange Commission announced settled fraud charges without a penalty against HeadSpin, Inc., a private technology company that made significant remedial efforts in the wake of an internal investigation into misconduct by its now former CEO.
/jlne.ws/3ocpLPu
CFTC Charges Five Entities and Five Individuals with $58 Million Foreign Currency Fraud and Misappropriation Scheme
CFTC
The Commodity Futures Trading Commission today announced it filed a civil enforcement action in the U.S. District Court for the Southern District of Florida, charging five individuals and five companies with fraud, misappropriation, and registration violations in connection with a fraudulent foreign currency (forex) scheme.
/jlne.ws/3rS0rzq
Educational resources, common deficiencies and other important regulatory information for SD Members
NFA
NFA is committed to providing its Members with the resources they need to meet their regulatory obligations as efficiently as possible. This Notice covers educational resources, common deficiencies and links to Notices to Members regarding recent amendments to NFA Rules and Interpretive Notices.
/jlne.ws/3KXqv4H
Monthly Disciplinary Actions - January 2022
FINRA
FINRA has taken disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).
/jlne.ws/3rfqYHW
ESMA starts supervision of benchmarks and assumes chair of EURIBOR College
ESMA
The European Securities and Markets Authority (ESMA) is since 1 January the supervisor of European Union (EU) critical benchmarks administrators and EU recognised third-country administrators under the Benchmarks Regulation.
/jlne.ws/34jOY3t
ESAs publish thematic repository on financial education and digitalisation initiatives
ESMA
The three European Supervisory Authorities (EBA, ESMA and EIOPA) published today a Joint ESAs thematic repository on financial education and digitalisation initiatives of National Competent Authorities (NCAs), with a specific focus on cybersecurity, scams and fraud. The repository contains 127 national initiatives that provide consumers with helpful information on how to improve their financial literacy.
/jlne.ws/3rdl7mb
Consumer warning on Falcon Financial Solutions Ltd and Thestral Financial Services Ltd
UK FCA
We have removed permissions from Falcon Financial Solutions Ltd and Thestral Financial Services Ltd. They are no longer permitted to carry out any regulated activities. Any investments with Falcon or Thestral may not be protected, and you could lose all your money if you invest with them. We explain what this means for customers.
/jlne.ws/3g92Z6M
Penny James appointed Chair of the FCA's Practitioner Panel
UK FCA
The Financial Conduct Authority (FCA) has appointed Direct Line Group CEO, Penny James, as Chair of its Practitioner Panel.
/jlne.ws/3GhKt6R
Information on COVID-19 (Novel Coronavirus)s
Warning. It has been seen that calls, email, SMS, SNS, websites, etc. are used as a means of communication by criminals taking advantage of the outbreak of COVID-19. FSA urges individuals to remain vigilant against unknown calls, email and websites as such to avoid crime related to the COVID-19 pandemic.
/jlne.ws/3wTYtiV
ESMA firms up multilateral system definition under MiFID II in bid to level playing field; Regulator to consult on technology provider, request-for-quote system and pre-arranged transaction system use cases that challenge the trading venue regulatory perimeter.
Annabel Smith - The Trade
ESMA has set out plans to create a more concrete definition of what constitutes a multilateral system to ensure a more level playing field under MiFID II regulation.
/jlne.ws/3ufa0v5
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Buy GameStop, Fight Injustice. Just Don't Sell; One year in the trenches of the meme stock revolution
Tara Siegel Bernard, Emily Flitter and Anupreeta Das - NY Times
It has been a year since Mat Bowen, who was the pastor of a small church in Gibson City, Ill., had the dream — the one where Elon Musk, the head of Tesla, urged him to buy Dogecoin. Mr. Bowen had just begun to dabble in investing. He soon discovered WallStreetBets, the online forum on Reddit where throngs of small investors were plotting to buy shares of GameStop, the troubled video game retailer, in a bid to teach Wall Street a lesson. Some hedge funds had bet that shares of GameStop would fall. Instead, they took off, as the investors banded together last January to drive the price up more than 1,700 percent.
/jlne.ws/33YucXx
Wall Street Quant Strategies Have Proved Their Worth; Some 30 months of strong performance is enough to declare the long quantitative investing winter over.
Aaron Brown - Bloomberg
The period from 2017 to 2019 was a quantitative "winter" that discouraged many investors. But the thaw beginning about six months before the pandemic, along with good performance of late, is reawakening interest. The question is whether strong Covid-era performance tells us anything about quantitative strategies that we didn't know in 2019?
/jlne.ws/3IVpTuR
Older Investors Have a Lot of Money in Stocks. How to Check if It's Too Much; The stock-market volatility in recent weeks is denting the portfolios of many in retirement
Anne Tergesen - WSJ
A suddenly sliding stock market is sending a wake-up call to older Americans that maybe they shouldn't invest like they used to. Many are likely to ignore that call. Thanks to a long bull market that surprisingly rose and rose through the pandemic, plus more than a decade of low yields for bonds, older Americans have a lot of money in the stock market. Data from Fidelity Investments' 20.4 million 401(k) investors shows that almost 40% of 401(k) investors age 60 to 69 hold about 67% or more of their portfolios in stocks. Among retail clients at Vanguard Group between ages 65 and 74, 17% have 98% or more of their portfolios in stocks.
/jlne.ws/3g9iGeb
Down Payments for Housing Have No Place in the Stock Market; Even amid soaring house prices, high inflation and endless investment opportunities, saving for a home means parking money in cash savings.
Erin Lowry - Bloomberg
Millennials have aged into home-buying territory. Last year, we made up the largest demographic of house buyers, according to the National Association of Realtors. Elder Millennials, or those born between 1980 and 1989, accounted for 23% of buyers in 2021, while younger Millennials, those born between 1990 and 1998, were 14% of buyers.
/jlne.ws/3g9AVQz
Credit Traders Lack Edge in Fed's New Regime; The corporate bond market used to be the economy's early warning signal. That's no longer the case.
Lisa Abramowicz - Bloomberg
Credit traders are accustomed to being regarded as the smartest in the market's room. They have a long reputation for sniffing out economic downturns earlier than equity traders and leading the charge when it comes to pricing in weakness, with stocks and other higher risk assets often following behind when it's too late. No longer.
/jlne.ws/3reJAHP
The Two Things to Do When the Stock Market Gets Crazy; Turbulent times can cause investors to make decisions they'll later regret. Here's how to stay afloat in these choppy waters without sinking your future.
Jason Zweig - WSJ
How much worse can it get? For more than a year it seemed as if the stock market could only go up, buoyed by a river of money that gushed from the government. In the past week, that illusion has been shattered. Growing certainty that the Federal Reserve intends to raise interest rates, most likely as early as March, sent investors scurrying. On Monday, the Dow Jones Industrial Average moved 1,000 points in a single day—twice. It sank more than 3%, then roared back up to close with a gain. Stocks gyrated the rest of the week, with the S&P 500 down more than 9% so far in 2022 and the Nasdaq-100 index off more than 14%.
/jlne.ws/3ofpFH3
Move Over, Meme Stocks: Retail Investors Go Back to the Blue Chips; Individual investors have returned to favoring broad market funds and shares of the biggest U.S. companies
Peter Santilli, Karen Langley - WSJ
A year ago, speculative stocks such as GameStop Corp. GME 4.69% were some of the most-favored choices of individual investors. Since then, though, their tastes have changed. Retail investors' top picks now look more like they did in early 2020, when the roster of the most-popular U.S.-listed stocks and exchange-traded funds was made up almost entirely of shares of well-established companies in the benchmark S&P 500 and ETFs representing broad bets on U.S. stocks or bonds, according to data from VandaTrack.
/jlne.ws/3ocqRL6
The IRS is wildly understaffed, and it could make for a hellish tax season
Juliana Kaplan and Joseph Zeballos-Roig - Insider
Right now, the IRS is sitting on a mountain of paperwork. That mound contains 6 million unprocessed returns as of mid-December — with some taxpayers still awaiting refunds after nine months, according to Erin Collins, the national taxpayer advocate.
/jlne.ws/32QCkJ2
TRADE Calls: SteelEye - One year on from GameStop
Kiays Khalil - The Trade
On the official anniversary of the GameStop saga, Laurie McAughtry, Editor of The TRADE, sits down with Matt Smith, CEO of SteelEye, to discuss the lessons learned from the chaos. What did the meme stock madness reveal about risk models, what do regulators need to do to plug the gaps, and how can institutional investors protect themselves from the growing influence wielded by social media platforms?
/jlne.ws/3rdlE7F
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Let's Put A Price On Carbon; It will encourage additional investment in products and services less dependent on fossil fuel.
Noel Morin - Civilbeat.org
Legislation that would pay people to improve the environment and mitigate climate change has been introduced in Congress and in the Hawaii Legislature — House Bill 2278 and Senate Bill 2732 are the state proposals.
/jlne.ws/3IRV1eu
Climate change will make coffee more expensive; Coffee may become more scarce and harder to grow, thanks to changes in weather and temperature.
Dennis Murphy - Fast Company
The world could lose half of its best coffee-growing land under a moderate climate change scenario. Brazil, currently the world's largest coffee producer, will see its most suitable coffee-growing land decline by 79%.
/jlne.ws/32KpOuo
Wall Street's Green Push Exposes New Conflicts of Interest; Auditors, bond raters and others aim to profit by both judging and advising companies on their ESG scores
Jean Eaglesham - WSJ
The booming business of green finance is being led by an unlikely group of companies that sits at the heart of the financial system. The giant firms that audit the books, rate the bonds, advise on proxy voting and categorize the world's companies are spending billions to boost their climate-related operations. That could accelerate the shift away from fossil fuels but could also create a new set of conflicts of interest for industries that struggled to manage them in the past.
/jlne.ws/3IS4zpQ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Warns the Worst Move for Wealthy Clients Is to Dump Stocks
Scott Carpenter and Claire Ballentine - Bloomberg
Parallels with dotcom bubble are limited: Mossavar-Rahmani; Volatile crypto "not appropriate" for clients' portfolios
Equities are still the best game in town, despite this week's market decline, according to Goldman Sachs Group Inc. That's because stock valuations are "nowhere near" where they were at the height of the dotcom bubble two decades ago, says Sharmin Mossavar-Rahmani, head of the bank's investment strategy group. Unlike in the late-90s, the U.S. equity market today has broad-based returns and its corporate earnings are fundamentally strong, she said.
/jlne.ws/3KU1APE
Jefferies puts maximum loss exposure due to FXCM involvement at $99.5M
Maria Nikolova - FT NewsGroup
Investment bank and financial services firm Jefferies Financial Group Inc (NYSE:JEF) has just filed its annual report for the year to end-November 2021 with the Securities and Exchange Commission (SEC), with the report offering an update on Jefferies' involvement with FXCM Group LLC (FXCM).
/jlne.ws/3sbtoqm
UBS Gets a Dose of Digital Disruption in CEO's First Major Move
Marion Halftermeyer - Bloomberg
CEO announced acquisition to push into automated advisory; Hybrid approach leaves some investors questioning strategy
UBS Group AG has become an investor favorite in recent years as a reliable beacon of profitability. For Chief Executive Officer Ralph Hamers, such stability poses a challenge: how to fix something that isn't visibly broken.
/jlne.ws/32M1tEx
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Thailand to relax tax rules for digital assets
Reuters via Business Times
Thailand plans to ease tax rules for investments in digital assets, a finance ministry official said on Friday, following a surge in cryptocurrency trading. The relaxed rules will allow traders to offset annual losses against gains for taxes due on cryptocurrency investments, and exempt certain transactions from the 7 per cent value-added-tax, Ekniti Nitithanprapas, director-general of the ministry's revenue department, told a news conference.
/jlne.ws/3GcSvxJ
UOB injects 2b yuan in China subsidiary
Claudia Chong - Business Times
UOB has injected 2 billion yuan (S$424.8 million) in its subsidiary in China, which will be channelled into regional opportunities, sustainability and financial solutions such as hedging services. UOB China has maintained a compound annual revenue growth of 13 per cent since it was incorporated in 2008, UOB said in a statement. Net profit before tax hit a record high last year and more than doubled from 2018.
/jlne.ws/3KXdR60
Russia's Gas Production Set for Record High in 2022, IEA Says
Dina Khrennikova and Olga Tanas - Bloomberg
Country's supply situation is being closely watched by Europe; Output was record high last year, but exports didn't keep up
Russia's natural gas production is forecast by the International Energy Agency to rise to a record high this year, even as Europe struggles with its worst energy crisis in decades.
/jlne.ws/3ggNCsQ
Britannia, With Fewer Rules; What England's push to get back to business as usual says about the national character.
David Segal - NY Times
Soccer in the United Kingdom is a celebration of the British at their most tribal. A fan of one team might live next door to a fan of another and if they don different shirts on game day, these neighbors will be steeped in different lore and howl for different outcomes.
/jlne.ws/33ZJBXB
Hong Kong Says Covid Zero Critics Won't Be Locked Up in Prison
Jenni Marsh - Bloomberg
Making 'general remarks' isn't illegal, government says; National security law has been used to silence critics
Hong Kong denied that criticism of the city's strict policy to push for zero Covid-19 cases is illegal under a sweeping national security law that has silenced dissent in the former British colony.
/jlne.ws/3IX0QYp
Hong Kong's Covid-Zero Strategy Is on the Brink of Collapse
Michelle Fay Cortez, Jinshan Hong, and Iain Marlow - Bloomberg
Getting back to no local transmission is much harder this time; Government hard-pressed to deploy China-style full lockdowns
Hong Kong has never been closer to losing its Covid-Zero battle. As residents prepare for another Chinese New Year under Covid-19 restrictions, omicron seems to have gotten the better of the city's defenses, with a record number of new and untraceable infections.
/jlne.ws/32K7j9p
Macau Legend Plunges After CEO Arrested in Junket Clampdown
Shirley Zhao and John Cheng - Bloomberg
Company says ex-CEO Chan was detained by Macau's police; Junkets are at the center of broader crackdown, legal overhaul
Macau Legend Development Ltd. tumbled to the lowest on record after its former chief executive officer was arrested as a crackdown on junkets sweeps through the world's biggest gaming hub.
/jlne.ws/35DO4j2
Singapore's Office Market Is Done With WFH; Occupancies and rents are reviving as rival Hong Kong's strict approach to Covid-19 pushes demand to the city-state.
Andy Mukherjee - Bloomberg
Singapore offices aren't exactly humming with activity yet, but they have at least stopped hollowing out. Occupancy rates in Suntec City rose to 97.2% in December, the highest in six quarters. Rents are nearly 8% steeper than two years ago when there was no pandemic and no to-let signs in the five-tower, 2.3 million-square-foot complex in the heart of the Asian financial center.
/jlne.ws/3reJFLD
Thailand axes planned 15% cryptocurrency tax; Move follows proposals to limit digital currency payments
John Reed - FT
Thailand has scrapped plans to impose a 15 per cent withholding tax on crypto transactions after facing pushback from traders in one of south-east Asia's biggest markets for digital currencies.
/jlne.ws/3IR15nx
World's first DeFi exchange traded fund to launch in Brazil next month; Fund will invest in tokens generated by decentralised apps rather than crypto or listed companies
Steve Johnson - FT
The world's first exchange traded fund dedicated to decentralised finance networks is due to launch in Brazil next month, deepening the $10tn ETF industry's foray into virtual assets.
/jlne.ws/34iyXuG
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| Miscellaneous | | Stories that don't quite fit under the other sections | Pot Industry Faces Lukewarm Prospects for U.S. Reform in 2022
Jonathan Roeder - Bloomberg
Last year was a rough one for the cannabis industry — it started with high hopes pinned on the incoming administration of President Joe Biden and ended with gridlock and an extended decline in stock prices.
/jlne.ws/3KVY0EK
How to Find and Keep Friends: A Guide for Middle Age; Meeting new people and prioritizing friendships you already have are doable, even in a prolonged pandemic, but you have to make an effort, friendship coaches say
Julie Jargon - WSJ
Loneliness is a reality for many of us, now more than ever. After last week's column on the loneliness felt by moms in middle age, my inbox began overflowing with emails from readers, many of whom asked for solutions. While there's no magic wand to fix loneliness, there are things you can do to make new friends, and to rekindle or sustain the friendships you already have. Tech can help, but some of these methods are old school with a pandemic-era update. For all the strategies, you still have to take initiative—and be vulnerable.
/jlne.ws/3ueSCXq
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