| July 06, 2021 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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$50,006/$300,000 (16.7%)
Stephen Staszak
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Hits & Takes
John Lothian & JLN Staff
There was simply too much news over this three-day weekend to include it all this morning. We had to stop somewhere, which is what we have done.
The World Federation of Exchanges has published "The World Federation of Exchanges Seeks Risk-based Calibration of EU Bank Capital for National Equity Markets." -- WFE
The Financial Times reported that new Amazon CEO Andy Jassy has received a pay package that included 61,000 shares of Amazon worth $214 million that vest over 10 years. Of course, it could be worth a lot more, the FT said, as Amazon's stock has appreciated 1,500% over the past 10 years. -- FT
Former Trading Technologies CMO Brian Mehta's latest musing on LinkedIn is titled "How Improv Gave Us the 'Edge'? in Internal Communications." -- LinkedIn
On Friday, the Great Steve Staszak retired from the CME but, still rocking and rolling, gave $300 to move the JLN MarketsWiki Education GoFundMe campaign online counter over the $50,000 level. Thank you to Steve and all who have given and all who have yet to give. Support our efforts to preserve industry history by giving to our GoFundMe campaign.
Episode number 149 of The Spread, the third episode of the second reboot of the video series, is out. -- JLN
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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CME Group trading volumes for the first half of 2021 are running 10% below last year's for the same half. After running at a pace of 22,269,000 last year, average daily volume for all of the markets in the group fell to 20,105,000 this year. The exchange operator says that 2021 second quarter ADV was 5% higher than last year's pandemic-racked second quarter ADV.~Thom Thompson
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The Spread - July 2, 2021
JohnLothianNews.com
Finra socks Robinhood with its biggest-ever fine; Cboe acquires Chi-X Asia Pacific; OCC reports another volume gain; NIO takes its cue from options; John Lothian weighs in with his take; Looking for volatility; and Jermal Chandler explains hedging in the options "Term of the Week."
Watch the video »
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Pfizer Shot Halts Severe Illness in Israel as Delta Spreads
Alisa Odenheimer and Damian Shepherd - Bloomberg
Effectiveness against transmission of virus declines; Israel lifted all Covid restrictions at the start of June
Pfizer Inc.'s vaccine was less effective at keeping people from getting the coronavirus in Israel in recent weeks, but it continues to provide a strong shield against severe Covid-19, according to government data. The vaccine protected 64% of people against the illness between June 6 and early July, down from a previous 94%. The drop was observed as the delta variant was spreading in Israel, the Health Ministry said. It also coincided with the lifting of virus restrictions at the start of June.
/jlne.ws/3ysAsjH
*****I took the Pfizer shot and this is not good news. Mask goes back on.~JJL
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Flaws Emerge in Justice Department Strategy for Prosecuting Wall Street; A Barclays fraud case shows how a push to target financial-industry wrongdoers can run into resistance from judges
Aruna Viswanatha and Dave Michaels - WSJ
Early one July morning in 2016, Robert Bogucki, a senior executive at Barclays BCS -1.12% PLC, walked into what he expected to be a short meeting with the British bank's lawyers to go over a five-year-old transaction before he joined his family on vacation.
/jlne.ws/3xnGOAC
****** They had me at flaws.~JJL
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Improper 'Insider Charitable Giving' Is Widespread, Study Says; By donating a stock before news sinks the share price, investors can get a bigger deduction
Daisy Maxey - WSJ
Insider trading catches regulators' attention and garners headlines, but another type of insider activity is also widespread—and far less likely to be detected or prosecuted. That's the conclusion of new research that looks into the practice of insider giving: timing the donation of a stock to a charity around inside information about the stock. That way, you take a tax deduction before bad news sends the share price tumbling or after good news sends the price higher—and the gift delivers a bigger deduction than you would have gotten otherwise.
/jlne.ws/3xkMBqV
*****How to turn a positive into a negative in 3 easy steps!~JJL
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Up to 1,500 businesses affected by ransomware attack, U.S. firm's CEO says
Raphael Satter - Reuters
Between 800 and 1,500 businesses around the world have been affected by a ransomware attack centered on U.S. information technology firm Kaseya, its chief executive said on Monday.
/jlne.ws/3jR3NQK
*****If cryptocurrency did not exist, someone would have to invent it to use in cases just like this. Right?~JJL
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Some locals say a bitcoin mining operation is ruining one of the Finger Lakes. Here's how; "The lake is so warm you feel like you're in a hot tub," said a woman who lives near a gas-fired New York plant that powers 8,000 computers mining bitcoins.
Gretchen Morgenson - NBC
Summer on Seneca Lake, the largest of the Finger Lakes in upstate New York, is usually a time of boating, fishing, swimming and wine tasting. But for many residents of this bucolic region, there's a new activity this season — protesting a gas-fired power plant that they say is polluting the air and heating the lake.
/jlne.ws/3yk19qO
***** Guess what finger lake I am holding up to the bitcoin miners?~JJL
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Friday's Top Three
Our top story Friday was the obituary for Telerate founder Neil Hirsch, who died at the age of 74, from Waters Technology. Second was
Dark Markets Can Be a Geopolitical Force Multiplier, a Bloomberg opinion piece about Hydra, an aptly named Russian dark marketplace. Third was John Lothian News' Look! Something New to Spoof, a report by Thom Thompson on PanXchange's latest hemp trading data.
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MarketsWiki Stats
26,443 pages; 234,169 edits
MarketsWiki Statistics
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| Lead Stories | How Cryptocurrency Turbocharged the Cybercrime Racket
Jamie Tarabay - Bloomberg
Cyberattacks using ransomware are increasing in frequency, and ransom payments made to the hackers are swelling as well. Cryptocurrency and the exchanges where digital currency can be traded anonymously have emerged as key tools for the cyber extortionists. The vast sums being paid by corporations to regain control of their computers would have been near-impossible to move in any other legitimate currency market, experts say.
/jlne.ws/3AHwBkX
The Next Big Divide in Finance Takes Shape in Your Office
Marion Dakers and Marion Halftermeyer - Bloomberg
Banks are divided over whether to embrace flexible working; Goldman, JPMorgan among advocates for return to office
A new divide is emerging in finance as bankers around the world return to their desks after months of lockdowns during the pandemic. In one corner, firms like JPMorgan Chase & Co. and Goldman Sachs Group Inc. are making clear their determination for staff to return to the office. Other banks, including Nomura Holdings Inc., Citigroup Inc. and a variety of European lenders, have sketched out more flexible policies. This chart shows how firms are dividing.
/jlne.ws/3hCpl0J
Retail Investors Power the Trading Wave With Record Cash Inflows; Individual investors plowed a record net $27.9 billion into the U.S. stock market in June, lured by continued volatility beneath the market's surface
Caitlin McCabe - WSJ
Retail investors keep pouring money into markets, even as many of their favorite meme stocks and cryptocurrencies have languished. In June, so-called retail investors bought nearly $28 billion of stocks and exchange-traded funds on a net basis, according to data from Vanda Research's VandaTrack, the highest monthly amount deployed since at least 2014. That even trumped the amount retail traders spent in January during the first meme-stock frenzy.
/jlne.ws/3wiRkbi
Are Power Companies Playing Texas Hold'em? Supply is tight on the grid even before peak summer heat. Though genuine wear and tear could be the culprit, market manipulation isn't out of the question.
Jinjoo Lee - WSJ
It isn't even close to the peak of Texas's sizzling summer season and already the state's power grid has given out two warnings of tight conditions after a higher-than-usual volume of plants went offline. Wear and tear from the February winter storm is one possible explanation; market manipulation is another. They aren't mutually exclusive.
/jlne.ws/2UpATwC
Companies Cutting Office Space Predict Long-Term Savings; Some companies are taking one-time charges after agreeing to sublease some of their offices space
Kristin Broughton and Nina Trentmann - WSJ
Companies expect to reap millions of dollars in savings in the years ahead as they scale back on office space after the coronavirus pandemic emptied workplaces around the country. However, some are paying in the short term for their decision to downsize.
/jlne.ws/3hjIOEv
Ransomware Is the IRS of Bitcoin; It doesn't really matter how inconvenient it is to pay in bitcoin when you don't have any other choice
James Mackintosh - WSJ
Ransomware is to bitcoin as the Internal Revenue Service is to the dollar. Just as the taxman forces you to use dollars to pay your taxes, electronic ransom demands have been set in bitcoin, forcing companies, individuals and even some governments to use the cryptocurrency if they wish to regain control of their computer systems.
/jlne.ws/3Azlk5N
When Will China Rule the World? Maybe Never; The Communist Party wants the world to see China's continued rise as inevitable. In reality, it's anything but.
Eric Zhu, Tom Orlik - Bloomberg
When will China overtake the U.S. to become the world's biggest economy? Few questions are more consequential, whether it's for executives wondering where long-term profits will come from, investors weighing the dollar's status as global reserve currency, or generals strategizing over geopolitical flashpoints.
/jlne.ws/3hGjjw1
The Tiger Who Came to Tea — Didi-China Style; Beijing may once have cared about foreign market sentiment when it needed capital, but it's now flush and will do what it wants, when it wants.
Shuli Ren - Bloomberg
Many children love "The Tiger Who Came to Tea," the story of an uninvited carnivore who decides to spend an afternoon with a little girl named Sophie and her mother. Though ostensibly polite, the animal consumed everything: all the tea, all the food, all the water from the taps. Sophie's family restocked the kitchen, even bought special tiger food, but the big cat — who blew out the word "goodbye" from a trumpet — never showed up again.
/jlne.ws/3dN8aIQ
Let's Face It, Most Bankers Are Going Back to the Office; Despite the press releases, very few companies have actually committed to new, more flexible ways of working. Credit Suisse is a case in point.
Marcus Ashworth - Bloomberg
Credit Suisse Group AG has portentously unveiled a new vision for its employees' work-life balance with "The Way We Work." The initiative, which promises maximum flexibility, is just too good to be true or manageable. It's the latest example of what's becoming an all-too-common theme: large employers virtue signaling that they're now all hip and flexible when it comes to how and where their people work.
/jlne.ws/3hD5rmu
China Set to Unleash Funds Abroad as Bond Link Opening Nears
Bloomberg News
Foreign holdings of Chinese sovereign bonds almost triple; Chinese investors set to gain broader access to offshore debt
In 2017, China's launch of a debt-trading link to the rest of the world started with a whimper. Four years later, global investors are clamoring to get their hands on the country's bonds and Beijing is opening the door wider for its traders to return the favor.
/jlne.ws/3AxxwnW
NFT Sales Climb to $2.47B in First-Half 2021: Report; Sales in Q2 were $1.24 billion, in line with $1.23 billion in Q1.
Jamie Crawley - Coindesk
Non-fungible token (NFT) sales rose to $2.47 billion in the first half of 2021, according to data by DappRadar.
/jlne.ws/3qRgsVy
OPEC+ Deal Fails, Leaving Oil Market Tighter as Prices Surge
Javier Blas, Salma El Wardany, Grant Smith, and Dina Khrennikova - Bloomberg
Cartel unable to resolve bitter dispute between Saudis and UAE; Proposal to increase production in coming months was blocked
OPEC+ abandoned its meeting without a deal, tipping the cartel into crisis and leaving the oil market facing tight supplies and rising prices. Several days of tense talks failed to resolve a bitter dispute between Saudi Arabia and the United Arab Emirates, delegates said, asking not to be named because the information wasn't public. The group didn't agree on a date for its next meeting, according to a statement from OPEC Secretary-General Mohammad Barkindo.
/jlne.ws/2TEMGqK
Oil's OPEC+ Disaster Rally Looks Like a Risky Bet; The assumption that the group will keep supply at its current restricted levels is questionable.
John Authers - Bloomberg
OPEC Climbs Up the Hill Backwards
It feels as though we've been here before. It also feels, as in so many other respects in these last bizarre 18 months, as though we have managed to turn through 180 degrees while still having little idea how we did it.
/jlne.ws/3AwSinn
Funds in UK failing to value themselves properly, says watchdog
Huw Jones - Reuters
Many fund managers fall short in assessing the value of their funds and regulatory action may be needed, Britain's Financial Conduct Authority said on Tuesday as part of a longstanding crackdown on unjustified fees.
/jlne.ws/3qNpFy3
HKEX's new digital platform will speed up IPO process when it is introduced next year; The new platform - Fast Interface for New Issuance (FINI) - will shorten the IPO process from pricing to listing to two days from five currently
Enoch Yiu and Georgina Lee - South China Morning Post
Hong Kong stock exchange will introduce a new settlement process by the fourth quarter next year at the earliest to speed up the IPO process, the latest effort to reclaim its crown as the world's largest hub for new listings.
/jlne.ws/3hpIlkt
NFT sales volume surges to $2.5 bln in 2021 first half
Elizabeth Howcroft - Reuters
The market for non-fungible tokens (NFTs) surged to new highs in the second quarter, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020, marketplace data showed.
/jlne.ws/36hsyO8
Asset owners managing $6 trln call for global carbon price
Susanna Twidale, Simon Jessop - Reuters
Investors managing more than $6 trillion in assets on Tuesday called for a co-ordinated global price on carbon and said emissions costs would need to almost treble by 2030 to reach the world's climate goals.
/jlne.ws/3wiWt36
Zoltan Pozsar Sees a $1 Trillion Problem for Money Markets Ahead; The Credit Suisse strategist estimates up to $1.3 trillion of Treasury bills could be rotated into the Federal Reserve's reverse repo facility by the end of August.
Tracy Alloway - Bloomberg
An explosive mix of excess cash sloshing in the financial system, ongoing quantitative easing and a looming debt ceiling deadline could combine to create a headache for major money markets, according to Zoltan Pozsar.
/jlne.ws/3e6wndt
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | Singapore Advises Avoiding Exercise for Longer After Vaccination
Niluksi Koswanage - Bloomberg
Updates guidance to avoid strenuous activity for a week; Govt continues to recommend mRNA vaccines to battle Covid-19
Singapore's government recommended that vaccinated people avoid strenuous physical activity for a week after getting the shots, as a few cases surfaced of mostly young men experiencing heart problems from receiving jabs while a teenager suffered from cardiac arrest.
/jlne.ws/3hKF5PA
When Lifesaving Vaccines Become Profit Machines for Drugmakers; For middle-income countries, protection from the virus can cost governments dearly.
James Paton, John Lauerman - Bloomberg
As Covid-19 spread last year, rich countries spent billions of dollars to speed development of vaccines and purchase early supplies. Now, 18 months into the crisis, vaccines are saving lives and helping to avert further economic losses, at least in the nations that can afford them. Yet, as drug companies ride a wave of support following years of criticism over high prices, they face a tricky question: How much should they charge governments desperate to protect their populations from a disease that has killed about 4 million people, crippled economies, and created turmoil across the globe?
/jlne.ws/3AzWcMz
'Altering DNA', a mysterious 2023 trial completion date and fears of infertility: Busting the conspiracy theories anti-vaxxers use as 'proof' the Covid vaccine is unsafe; Small but noisy group of anti-vaxxers is spreading conspiracies about vaccines;They include concerns jabs will alter DNA or even connect people to the internet
Charlie Moore - Daily Mail
Australia's return to normal after Covid-19 depends on how quickly the nation gets vaccinated. However, a small but noisy group of anti-vaxxers is trying to hold the country back by spreading myths about the vaccines. They include concerns the jabs will alter DNA, cause infertility or even connect people to the internet.
/jlne.ws/3AqqS2y
Israelis describe what it's like when your country vaccinates its way out of the pandemic — only for the Delta variant to fuel rising cases
Jonathan Sacerdoti - Insider
After the most successful COVID vaccination programme in the world, Israel lifted social distancing and mask requirements at the start of June. Then a low - but rising - number of cases, fueled by the arrival of the Delta variant, prompted the government to bring back masks in indoor spaces, announce a drive to vaccinate kids, and impose mass testing for airport arrivals.
/jlne.ws/3AvNZZJ
Empathy bootcamp? UK banks seek payback on $105 bln COVID loans
Lawrence White, Iain Withers - Reuters
Over $100 billion of state-backed loans coming due; Burned by 2008, Britain's banks hope to burnish reputations; Some small firms complain of abrupt repayment demands
As payback time approaches for more than 75 billion pounds ($104 billion) of emergency state-backed loans, Britain's banks must tread a delicate path with businesses propped up during the pandemic.
/jlne.ws/2TwptXP
Zoo Animals Are Getting Experimental Coronavirus Vaccines; Big cats, ferrets, apes and bears are benefiting from a gift of 11,000 doses, but vaccines for pets are not recommended.
James Gorman - NY TImes
The Oakland Zoo in California started this week with bears, mountain lions, tigers and ferrets, the first of about 100 animals that are set to receive an experimental vaccine against the coronavirus over the summer.
/jlne.ws/36fSUA3
Biotech Company That Botched Vaccines Faces Investor Revolt; In the latest shareholder lawsuit, a pension fund accused executives at Emergent BioSolutions of insider trading.
Last summer, investors flocked to the biotech company Emergent BioSolutions. The host of CNBC's "Mad Money," Jim Cramer, gushed about the Maryland business, which had secured a lucrative government contract to manufacture Covid-19 vaccines for Johnson & Johnson and AstraZeneca.
/jlne.ws/3qRmBkA
Fear's not enough to get every American vaccinated. Perhaps the chance to win millions will work; U.S. states are running lotteries for cash, college tuition, baseball tickets, custom rifles and much more
Jennifer Merolla, Zoe Nemerever, Seth Hill and Mackenzie Lockhart - Washington Post
Have you entered a vaccine sweepstakes? If you were vaccinated and live in Los Angeles County, you had a chance to win season tickets to the Los Angeles Dodgers. Some states have cash lotteries for those who have been vaccinated. New York, Delaware and others are offering lotteries for college tuition, while West Virginians could win custom rifles.
/jlne.ws/3xnKZfM
S. Korea is to get 700,000 COVID-19 vaccines doses from Israel
Josh Smith, Dan Williams - Reuterts
South Korea said it will receive 700,000 doses of Pfizer-BioNTech's coronavirus vaccine from Israel on loan this week, in an attempt to speed up immunisation following a surge in infections around the capital Seoul.
/jlne.ws/3xmSmUL
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC June 2021 Total Volume Up 25.6 Percent from a Year Ago
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that June 2021 total cleared contract volume was 870,149,871 contracts, the second highest month in OCC's history and up 32.7 percent compared to June 2020. Year-to-date average daily cleared contract volume through June was 39,400,310 contracts, up 25.6 percent compared to June 2020.
/jlne.ws/3hKKPZE
Clifford Chance advises on Zylox-Tonbridge's Hong Kong IPO and Chapter 18A Listing
Liu Fang, Tianning Xiang, Ryan Ho - Clifford Chance
Leading international law firm Clifford Chance has advised Morgan Stanley, CLSA and other underwriters on biotech company Zylox-Tonbridge Medical Technology's US$330 million IPO and listing on the Hong Kong Stock Exchange, under Chapter 18A of the Hong Kong Listing Rules for early-stage biotech companies. The public offering tranche of the IPO was oversubscribed by 1,190 times.
/jlne.ws/3hD3NB5
Interview with Mr. Attila Tóth | Capital Market Development Team at EBRD
FEAS Federation of Euro-Asian Stock Exchanges via Youtube
/jlne.ws/2V3ov5y
The market in the middle: how an exchange can enable farmers to enter into new high-value supply chains
Lamon Rutten, CEO, Indonesia Commodity & Derivatives Exchange - LinkedIn
"Essential oils quickly becoming nature's liquid gold for Australian farmers" - the headline of an article of the Australian Broadcasting Service.[1] Ninety per cent of these oils are exported, mostly for use in the food, personal care, health and beauty industries. Global demand is booming.
/jlne.ws/3yqHTIb
Modernising Hong Kong's IPO Settlement Process
HKEX
FINI (Fast Interface for New Issuance) is a new platform being developed by HKEX that enables professional IPO market participants and regulatory authorities to interact seamlessly and digitally on the many important steps that comprise the end-to-end settlement process for new listings in Hong Kong.
/jlne.ws/3yrhSZ9
Philippine Stock Exchange Wants to Be the Site for Crypto Trading When It's Approved: Report; The PSE is just awaiting guidelines from the Philippine SEC and other regulators.
Cheyenne Ligon - Coindesk
The Philippine Stock Exchange (PSE) wants to be the platform for trading crypto assets when the country's regulators issue long-awaited rules governing the practice, according to a report from CNN Philippines.
/jlne.ws/3yqqaQZ
Quandl Expands Data Offerings
Markets Media
Quandl, Nasdaq's alternative data business, is launching a global fundamentals data set and has formed a partnership with Marex, a UK commodities financial services company, as it sees growing opportunities in Europe.
Bill Dague, head of alternative data at Nasdaq, told Markets Media that WVB Global Fundamentals Data covers approximately 200 fundamental data points for about 50,000 companies and is in the early release phase.
/bit.ly/3wf5JFi
LSE-Listed Argo Blockchain Is Weighing Listing on Nasdaq; Argo also said it mined 167 bitcoin in June, compared with 166 in May.
Jamie Crawley - Coindesk
Bitcoin mining firm Argo Blockchain, currently listed on the London Stock Exchange (LSE), is considering a secondary listing on Nasdaq.
/jlne.ws/3hjOePM
Intercontinental Exchange Reports June and Second Quarter 2021 Statistics
June ADV up 12% y/y; OI up 11% y/y
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported June and second quarter 2021 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/bit.ly/2Umyanw
IBEX 35 Companies Increase Treasury Shares By 38.7% In 2020
Mondovisione.
IBEX 35© companies increased their treasury shares by 38.7% last year, according to a report by BME's Research Department, which can be accessed here (in Spanish). At the end of 2020, the total value of treasury shares held by companies in the index was 3.3 billion euros, which represents 0.63% of the IBEX 35©'s total capitalisation.
/jlne.ws/36gvoD0
EiDF to start trading on BME Growth on 7 July
BME
It is the fifth company to list on this BME Market in 2021; It will have a value of 57 million euros on its market debut
The Board of Directors of the Market has approved the listing of ENERGÍA, INNOVACIÓN Y DESARROLLO FOTOVOLTAICO 2(EiDF), following a thorough review of all the information presented by the company and after the favourable assessment report on its listing issued by the Coordination and Admission Committee.
/jlne.ws/3xkfH9S
NFL Biosciences lists on Euronext Growth Paris
Euronext
EUR5 million raised - market capitalisation of EUR20 million; 8th biotech listed on Euronext in 2021
Euronext today congratulates NFL Biosciences, a biopharmaceutical company specialising in the research and development of botanical medicines for the treatment of dependencies and addictions, on its listing on Euronext Growth Paris (ticker code: ALNFL).
/jlne.ws/3xmEIkK
The Galion Project publishes a guide to IPO and market financing, in partnership with Euronext and Deloitte
Euronext
The Galion Project, a collective of Tech entrepreneurs, is now making a new tool available to the Tech ecosystem as part of its Think Tank: an "IPO Guide", produced in partnership with Euronext and Deloitte. Its objective: to make entrepreneurs better aware of the challenges and stages of an IPO, when French tech companies are reaching maturity and their place as leaders in a world transformed by digital technology is being played out.
/jlne.ws/36fUge7
New Amsterdam Invest N.V. lists on Euronext Amsterdam
Euronext
Successfully raising EUR49 million;
12th SPAC listing on Euronext's markets in 2021
Amsterdam - 6 July 2021 - Euronext today congratulates New Amsterdam Invest, a Special Purpose Acquisition Company (SPAC) with a focus on real estate assets, on its listing on Euronext Amsterdam (ticker code: NAI). It is the 12th SPAC listing on the Euronext markets year to date. It is also the first SPAC with an exclusive focus on the real estate sector on Euronext Amsterdam.
/jlne.ws/3xnHgii
EURO STOXX 50® Index Total Return Futures (TESX): Consultation on the transition of the reference Funding Rate from EURSTR plus 0.085 percent to EURSTR (flat)
Eurex
Eurex proposes to make an amendment of the Contract Specifications of the EURO STOXX 50® Index Total Return Futures (TESX) transitioning the reference Funding Rate euro short-term rate (EURSTR) plus the ECB provided EONIA transition spread (0.085 percent or 8.5 basis points) to EURSTR flat.
/jlne.ws/3hpEKCZ
Expansion of Eurex TES Basket Trades Functionality for Equity Bespoke Baskets (EBB)
Eurex
The Management Board of Eurex Deutschland took the following decisions with effect from 26 July 2021: Introduction of Equity Bespoke Baskets (EBB) functionality for Single Stock Futures, Single Stock Dividend Futures and Stock Tracking Futures; and Amendment of the Contract Specifications for Futures Contracts and Options Contracts at Eurex Deutschland as outlined in Attachment 1.
/jlne.ws/3jAELVW
ASX Group Monthly Activity Report - June 2021; Webcast Details and Key Dates for 2021 Full-Year Results
ASX
/jlne.ws/351gPmZ
HKEX to Introduce New Stock Futures Contracts and Option Classes
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Tuesday) the launch of six new stock futures contracts and five new stock option classes on 19 July and 26 July 2021 in two batches.
/jlne.ws/36hFuDK
HKEX Launches HKEX Impact Funding Scheme
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) the launch of the HKEX Impact Funding Scheme, a new HKEX Foundation charitable programme.
/jlne.ws/3wj1ZCH
HKEX Enhances Product Offering with XPeng Debut
HKEX
XPeng Futures and Options to be introduced on 7 July; XPeng shares to be included in Designated Securities Eligible for Short Selling on 7 July;
Issuers can list derivative warrants on XPeng shares on 7 July
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) that it will offer investors more options on XPeng, Inc. (XPeng, stock code: 9868) shares after its debut.
/jlne.ws/36l7WEs
Countdown to Singapore International Ferrous Week; Virtual event features a strong lineup of speakers across five events by SGX, Aspermont Media, Fastmarkets, S&P Global Platts and TradeWinds
SGX
In one week, the Singapore International Ferrous Week (SIFW) will feature a strong line-up of international speakers to discuss, debate and seek solutions on a broad range of topics relating to the global ferrous ecosystem, including the challenges ahead for commodities in a post-COVID world and the decarbonisation of the steel value chain from the mining of iron ore to steelmSGX to report FY2021 results on 5 August
SGX
Singapore Exchange (SGX) is reporting its results for Financial Year 2021 (FY2021) before the market opens on 5 August 2021. The announcement will be posted on www.sgx.com.
/jlne.ws/2UtjmDK
Countdown to Singapore International Ferrous Week
SGX
In one week, the Singapore International Ferrous Week (SIFW) will feature a strong line-up of international speakers to discuss, debate and seek solutions on a broad range of topics relating to the global ferrous ecosystem, including the challenges ahead for commodities in a post-COVID world and the decarbonisation of the steel value chain from the mining of iron ore to steelmaking.
/jlne.ws/3wnlYQJ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Robinhood: The $30 Billion Cockroach Of Fintech
Ron Shevlin - Forbes
On successive days last week, digital brokerage Robinhood: 1) was hit with a $70 million fine by FINRA for outages and misleading customers, and 2) announced it was going public.
This led many people to wonder why the company would announce its IPO the day after it was fined.
/jlne.ws/3hjMhmz
Finding Fintech Opportunities Where Others Don't
Ilona Limonta-Volkova - Forbes
The United States is a nation of immigrants. What was true over 200 years ago, remains the case to this day.
According to the Migration Policy Institute, almost 45 million immigrants lived in the United States in 2019. According to the Pew Research Center, this number is by far the highest in the world, representing almost ? of the world's migrants. Notably, although certain media outlets may have you believing otherwise, the vast majority (almost 77%) are categorized as legal immigrants.
/jlne.ws/3hm39JA
Fintech start-up Pleo valued at $1.7 billion in new funding round
Ryan Browne - CNBC
There's a new fintech unicorn in town.
Danish start-up Pleo, which sells corporate expense management software and linked "smart" payment cards, has boosted its valuation to $1.7 billion in a $150 million equity financing round.
The investment, led by Bain Capital Ventures and Thrive Capital, makes Pleo the latest privately-held tech company in Europe to surpass the coveted $1 billion "unicorn" valuation.
/jlne.ws/2UokEzK
London wises up on fintech to help secure post-Brexit floats
Abhinav Ramnarayan and Anna Irrera - Reuters
Britain's future as a hub for fintech in the wake of Brexit faces a crucial test this week with the London Stock Exchange listing of cross-border payments firm Wise (IPO-WISE.L).
A flourishing fintech sector is seen as a way for the British capital to maintain its position as a leading global financial centre in the aftermath of Brexit and the government has been pushing for rules to encourage public listings.
/jlne.ws/36dQrGe
Fidelity, BlackRock Lead Fintech Startup's $600 Million Funding
Saritha Rai - Bloomberg
Pine Labs Pvt, a payments platform for merchants in India and Southeast Asia, closed a $600 million fundraising round with some of the world's largest investors including Fidelity Management & Research Co. and BlackRock Inc. as it targets a public offering within 18 months.
The Singapore-based startup, which offers solutions for in-store and online payments as well as prepaid, loyalty and "pay later" programs, is valued at $3 billion, Chief Executive Officer Amrish Rau said. Investors participating in the round included a fund advised by Neuberger Berman Group LLC and India's IIFL Finance Ltd. and Kotak Funds.
/jlne.ws/3wkAhpc
Everything you need to know about fintech financing in Africa — Quartz Africa
Carlos Mureithi - Quartz
When it comes to Africa's startup scene, fintech is the center of attention.
For the past six years, the sector has been the most populated and most funded among tech startups in the continent, with players raising almost $900 million over this period, according to Disrupt Africa, a website that tracks African startups.
/jlne.ws/3hgQO9s
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| Cybersecurity | | Top stories for cybersecurity | Cyber Security Today, July 5, 2021 - A ransomware test for companies, a Windows Print Spooler warning, fight brute force attacks and more
Howard Solomon - IT Business Canada
IT managers worried about their readiness to face ransomware attacks now have a defence evaluation tool to use. It comes from the U.S. Cybersecurity Infrastructure and Security Agency. As part of its free Cyber Security Evaluation Tool, a Ransomware Readiness Assessment module has been added.
/bit.ly/3ysskjf
Opening the door to women's cybersecurity careers
John Leonard - Computing
When teachers encourage children to think about a future career they tend to run down a familiar list: doctor, lawyer, business leader, scientist, educator, engineer. Technologist may get a look in, but never cyber security professional. This invisibility is bizarre if you think about it, because cyber is one of the most important and in-demand jobs there is, says Clare Johnson, partnerships and outreach manager at the University of South Wales.
/bit.ly/3xgihgZ
Cyber Daily: Attack on Kaseya Tool Spreads to Hundreds of Companies
WSJ
The CEO of Kaseya, the company at the heart of a widespread hack that has affected hundreds of businesses, said he briefed the White House and that attackers are demanding a single $70 million ransomware payment.
/on.wsj.com/3jNffwX
In crosshairs of ransomware crooks, cyber insurers struggle
The Associated Press
Cybercriminals who hack into corporate and government networks to steal sensitive data for extortion routinely try to learn how much cyber insurance coverage the victims have. Knowing what victims can afford to pay can give them an edge in ransom negotiations. The cyber insurance industry, too, is a prime target for crooks seeking its customers' identities and scope of coverage.
/bit.ly/3dJV2E7
Didi cybersecurity probe blindsides shareholders days after debut
Julie Zhu, Kane Wu, Scott Murdoch - Reuters
Chinese regulators have gained a reputation for aggressive action, but even hardened investors were shocked by the announcement of a probe into ride-hailing firm Didi (DIDI.N) just two days after its $4.4 billion New York stock market debut.
/jlne.ws/36g8Ge9
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| Cryptocurrencies | | Top stories for cryptocurrencies | Esports Crypto Streaming Service Turns Bandwidth Into Profits
Olga Kharif - Bloomberg
Theta has built a peer-to-peer video streaming network; Katy Perry takes stake in Theta Labs, to offer NFTs to fans
One of the biggest knocks against most cryptocurrencies is that they have few real-world benefits besides speculation.
/jlne.ws/3hKEvBo
Alan Howard Crypto Firm Sells Its Stake in ETF to CoinShares
Nishant Kumar - Bloomberg
Hedge fund tycoon is majority owner of Elwood tech platform; ETF invests in firms that are developing blockchain technology
Hedge fund titan Alan Howard's crypto markets business Elwood has sold its economic interest in a blockchain fund with more than $1 billion of assets to CoinShares International Ltd.
/jlne.ws/3hILo67
How Ethereum (ETH) London Hardfork Can Help NFT Market Cap Grow 10X?
Prashant Jha - Coinape.com
The Non-Fungible Token (NFT) market is one of the fastest-growing ones as the total NFT sale in the first half of 2021 reached $2.5 billion. While NFTs are nothing new as a concept, the 2021 bull run has surely put it in the limelight. It all started with digital artist Beeple whose NFT artwork fetched $69 million and following that many mainstream celebrities like Eminem, Floyd Mayweather, Beyonce, etc joined the NFT mania.
/jlne.ws/3AzXSpl
A Gamble Inside a Gamble: Robinhood's Wild Memestock IPO; Robinhood will offer IPO shares to its own users, highlighting the company's dependence on complex, high-risk bets.
David Z. Morris - Coindesk
Yo, Dawg, I heard you liked gambling, so we put some gambling inside your gambling so you can gamble while you gamble. I'm a very old man, so when I heard that Robinhood would offer a portion of its just-announced initial public offering (IPO) to users through its app, of course I thought of Xzibit, rapper and host of the weird 2000s-era relic "Pimp My Ride." Xzibit used to do fun and crazy stuff like putting a fish tank into an Escalade, and Robinhood is clearly taking inspiration when it puts risk inside of its customers' risk.
/jlne.ws/3hD63Za
Fed's Powell May Have Met With Coinbase CEO in May; Brian Armstrong is listed on the central bank's calendar, public records show.
Kevin Reynolds - Coindesk
U.S. Federal Reserve Chairman Jerome Powell was scheduled to meet with Coinbase CEO Brian Armstrong on May 11, according to an entry on the central bank's calendar.=
/jlne.ws/3dQ2uhk
Ex-Cryptopia Employee Pleads Guilty to Stealing $170K in Crypto; The unnamed employee created copies of Cryptopia's private keys and saved them to a USB affording access to over $100 million in crypto.
Sebastian Sinclair - Coindesk
A former employee of the now-defunct New Zealand-based cryptocurrency exchange Cryptopia has pled guilty to charges of stealing $245,000 (US$171,969) in crypto.
/jlne.ws/3ArzOox
Ransomware Group REvil Strikes Again, Demands $70M in Bitcoin From 200 US Firms;The Russian-based ransomware group is now demanding bitcoin in exchange for a decrypter for the infected machines.
Sebastian Sinclair - Coindesk
Ransomware hacking group REvil brought the networks of at least 200 U.S. companies to their knees on Friday and is now demanding $70 million in bitcoin (BTC, +1.45%).
/jlne.ws/3dJx38c
Bitcoin Seized by Ohio DOJ Are Sold for More Than $19M: Reports; The haul was worth around $2.9 million when forfeited in 2019.
Jamie Crawley - Coindesk
Bitcoin seized in a fraud investigation by the U.S. Department of Justice (DOJ)'s Northern District of Ohio returned $19.2 million when sold, The Blade reported.
/jlne.ws/36g4YkN
Further 8,000 MTI Bitcoin Traced as Firm Is Put Into Final Liquidation: Report; Liquidators will return to court in September to argue MTI should be declared a Ponzi scheme.
Tanzeel Akhtar - Coindesk
Mirror Trading International (MTI), the collapsed cryptocurrency trading firm, was placed into final liquidation and a further 8,000 bitcoin (BTC, +1.89%) have been found, according to a Moneyweb report.
/jlne.ws/2UrqksK
Digital-Asset Investment Funds See Net Inflows of $63M; Bitcoin-focused funds attracted $39 million, according to CoinShares.
Omkar Godbole - Coindesk
Digital-asset investment funds attracted net capital inflows in the week to Friday after four consecutive weeks of redemptions, as bitcoin (BTC, +1.89%), the crypto-market leader, consolidated its quick recovery from sub-$30,000 levels.
/jlne.ws/3hjUKX1
Coinbase to Woo India Recruits With $1,000 in Crypto; The exchange's aim is that recruits will use the incentive to learn about crypto.
Jamie Crawley - Coindesk
Coinbase is looking to hire "hundreds" of recruits for its new hub in India, and is offering an incentive of $1,000 in crypto.
/jlne.ws/2Utdqus
Coinbase to Woo India Recruits With $1,000 in Crypto; The exchange's aim is that recruits will use the incentive to learn about crypto.
Jamie Crawley - Coindesk
Coinbase is looking to hire "hundreds" of recruits for its new hub in India, and is offering an incentive of $1,000 in crypto.
/jlne.ws/2Utdqus
Bank of France Carries Out Fifth CBDC Experiment With BNP Paribas, Euroclear; "This experiment made it possible to test the integration of issuance and settlement activities, including exchanges on the secondary market," said the Bank of France.
Tanzeel Akhtar - Coindesk
The Bank of France said it carried out its fifth experiment with central bank digital currency (CBDC) in March with a number of investment banks such as BNP Paribas and the clearinghouse Euroclear.
/jlne.ws/36dRRRh
Bitcoin Stock-to-Flow Model, Rooted in 'Hard Money' Narrative, Goes Off Course; Crypto analyst 'PlanB' said that BTC/USD is now the furthest away from his stock-to-flow model's estimates in over two years.
Lyllah Ledesma - Coindesk
One of the most widely used charts for predicting massive future bitcoin (BTC, +2.06%) price gains is showing the largest divergence since January 2019.
/jlne.ws/36gtan8
UK Bank Barclays Blocks Payments to Binance; The move follows the FCA's announcement that Binance cannot conduct regulated activities in the country.
Jamie Crawley - Coindesk
U.K. bank Barclays said Monday it is blocking customers from using their debit and credit cards to make payments to crypto exchange Binance.
/jlne.ws/2UtNWNf
Bitcoin.org Hit With DDoS Attack, Bitcoin Demanded as Ransom; Bitcoin.org is being hit with an "absolutely massive" distributed denial of service attack, according to the site's pseudo operator.
Sebastian Sinclair - Coindesk
Shortly after being entwined in a legal decision in the U.K., the Bitcoin.org website has faced another battle, this time on the technical front.
/jlne.ws/2Uv6tc0
Brazil's Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto; The operation was carried out on intelligence gathered over a three-year investigation into alleged fraud and embezzlement scams.
Sebastian Sinclair - Coindesk
Federal Police in Brazil have arrested members and a leader of the Bitcoin Banco group for their alleged involvement in an embezzlement scheme.
/jlne.ws/3wjQjzH
UBS Says Regulatory Crackdown Could Pop 'Bubble-Like Crypto Markets': Report; Though it was looking to offer crypto to wealthier clients in May, the bank is now warning clients to avoid it altogether.
Sebastian Sinclair - Coindesk
Swiss financial giant UBS Group has raised concerns to its clients over the nature of the crypto markets and recent regulatory developments, Business Insider reported Monday.
/jlne.ws/3qTxeTJ
Barclays Block Is Based on 'Inaccurate Understanding,' Binance Says; An FCA warning refers to Binance Markets, not www.binance.com, the crypto exchange said.
Jamie Crawley - Coindesk
Binance said the decision by Barclays to prevent customers using debit and credit cards to buy crypto on the exchange appears to be based on an "inaccurate understanding of events."
/jlne.ws/3qNfKIR
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| Politics | | An overview of politics as it relates to the financial markets | Biden Declares Success in Beating Pandemic in July 4 Speech
Jennifer Jacobs and Sophia Cai - Bloomberg
Independence Day speech to hundreds assembled at White House; President warns of delta variant, urges Americans to vaccinate
A triumphant President Joe Biden all but announced an end to the pandemic in the U.S. on Sunday, celebrating what he called a "heroic" vaccination campaign on the country's Independence Day holiday.
/jlne.ws/3jNQn8k
'Choose freedom!' Frexit chief hails Brexit London victory over EU's financial trading; BREXIT Britain's trading success has reignited calls for France to leave the European Union.
Alessandra Scotto Di Santolo - Express
With £7.6bn of shares traded on average every day in June, London has once again become the leading financial centre in Europe, a few months after losing the top place to Amsterdam. Amsterdam, which had taken first place from the British capital since January, is just behind with £7.5bn traded, far ahead of Paris (£5bn) and Frankfurt (£4.2bn).
/jlne.ws/3yr2hsD
Big Tech Threatens to Unfriend Hong Kong; U.S. tech firms are finding themselves increasingly uncomfortable in the new Hong Kong
Nathaniel Taplin - WSJ
Hong Kong is one of two territories, along with Macau, under Chinese Communist Party rule where Google, Facebook and Twitter are easily accessible. That may not last much longer.
/jlne.ws/3qNohv8
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Ex-Banker Who Challenged Belarus Ruler Gets 14 Years in Jail
Aliaksandr Kudrytski - Bloomberg
Viktor Babariko sentenced in Minsk after a year in KGB prison; President Alexander Lukashenko extends opposition crackdown
Belarus's Supreme Court sentenced the former head of a Kremlin-controlled bank who sought to challenge President Alexander Lukashenko in last year's elections to 14 years in jail, as the longtime ruler continues a sweeping crackdown on opponents.
/jlne.ws/3jMxdPX
BOE Asks Staff to Work One Day a Week In Office
Libby Cherry - Bloomberg
COO Joanna Place also encourages staff to return for team days; Bank adapting working spaces to allow for hybrid meetings
The Bank of England will ask staff to come into the office at least one day a week from September as U.K. companies plot the return of workers following plans to relax guidance to stay at home.
/jlne.ws/3dMEImq
ESMA and EBA publish final guidance on fit and proper requirements
ESMA
The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published today their revised final joint Guidelines on the assessment of the suitability of members of the management body and key function holders. These Guidelines take into account the amendments introduced by the revised Capital Requirements Directive (CRD V) and the Investment Firms Directive (IFD), and their effect on the assessment of the suitability of members of the management body, in particular with regard to money laundering and financing terrorism risks, and gender diversity. The joint final Guidelines will apply from 31 December 2021.
/jlne.ws/2SO5gMy
Debt management licensing regime has commenced
ASIC
From 1 July 2021, providers of debt management services (including firms offering 'debt negotiation' or 'credit repair' services) are regulated under the National Consumer Credit Protection Act 2009 (National Credit Act).
/jlne.ws/36uX8UJ
ASIC tips for tackling debt
ASIC
The new financial year is upon us, which is a good time to take stock of your financial situation and in particular, your debt. ASIC's Warren Day recently joined ABC Melbourne Drive stand in host Beverley O'Connor with some tips for tackling debt and to discuss changes to debt management and credit repair firms, that will help consumers.
/jlne.ws/3wkyNeC
Notice of Summary Action
CME Group
MEMBER FIRM: VIRTU FINANCIAL GLOBAL MARKETS LLC
RULE VIOLATION: Rule 576. IDENTIFICATION OF GLOBEX TERMINAL OPERATORS
Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If operator IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique operator ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual's own unique user ID.
PENALTY: On June 16, 2021, Virtu Financial Global Markets, LLC pursuant to Rule 512 ("Reporting Infractions"), was collectively issued a $6,000 fine for its violations of Rule 576 (includes Cases CME-DQA-21-0596, and NYMEX-DQA-20-0655), as follows: CME $2,000, NYMEX $4,000, Total $6,000
/jlne.ws/3xlzHZE
Notice of Summary Action
CME Group
MEMBER FIRM: VIRTU FINANCIAL GLOBAL MARKETS LLC
RULE VIOLATION: Rule 576. IDENTIFICATION OF GLOBEX TERMINAL OPERATORS
Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If operator IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique operator ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual's own unique user ID.
PENALTY: On June 16, 2021, Virtu Financial Global Markets, LLC pursuant to Rule 512 ("Reporting Infractions"), was collectively issued a $6,000 fine for its violations of Rule 576 (includes Cases CME-DQA-21-0596, and NYMEX-DQA-20-0655), as follows: CME $2,000, NYMEX $4,000, Total $6,000
/jlne.ws/36dP1vq
Notice of Summary Action
CME Group
MEMBER FIRM: EAGLE MARKET MAKERS, INC.
RULE VIOLATION: Rule 576. IDENTIFICATION OF GLOBEX TERMINAL OPERATORS
Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If user IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique user ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual's own unique user ID.
PENALTY: On June 16, 2021, Eagle Market Makers, Inc., pursuant to Rule 512 ("Reporting Infractions"), was issued a $2,000 fine for its violations of Rule 576.
/jlne.ws/3hk8wc9
SEC Issues Agenda for July 7 Meeting of Asset Management Advisory Committee
SEC
The Securities and Exchange Commission today released the agenda for the July 7 meeting of the Asset Management Advisory Committee (AMAC).
/jlne.ws/3qNkaiV
SEC Charges Hedge Fund Trader in Lucrative Front-Running Scheme
SEC
The Securities and Exchange Commission today announced fraud charges against Sean Wygovsky, a trader at a major Canada-based asset management firm, in connection with a long-running and lucrative front-running scheme that Wygovsky perpetrated in the accounts of his close family members, netting more than $3.6 million in illicit gains.
/jlne.ws/2SRjz39
ICYMI: Commissioner Quintenz in Bloomberg: Family Offices Don't Need New Regulations
CFTC
Excerpts from Commissioner Brian Quintenz's Op-ed with the Securities and Exchange Commission's Commissioner Hester Peirce on the Collapse of Archegos
Bill Hwang's family office, Archegos Capital Management, failed in spectacular fashion in March as investments in complex derivative products — specifically, total return swaps on individual stocks — rapidly accumulated losses too large for the firm to cover. As a result of Archegos's default on these positions, large investment banks that were counterparties to the trades were left holding the bag. Some banks suffered large losses as they unwound those positions.
/jlne.ws/2SUbSJw
Fund managers falling short on assessing the value of their funds
UK FCA
A review of 18 fund managers between July 2020 and May 2021, covering different business models and sizes, found most had not implemented Assessments of Value (AoVs) arrangements that met FCA standards.
/jlne.ws/3hlkP7Y
FCA consults on reforms to improve the effectiveness of UK primary markets
UK FCA
The FCA has today launched a consultation on a series of proposed reforms to improve the effectiveness of UK primary markets, alongside a discussion of how it might continue to develop the regime to ensure the UK remains a competitive and dynamic market.
/jlne.ws/3xh5uuG
LIBOR - 6 months to go
UK FCA
Keynote speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy at the FCA, delivered at UK Finance's Commercial Finance Week on 5 July 2021.
/jlne.ws/2UtjSBG
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Full FX Unfiltered: How Data is Changing the FX Swaps Market
The Full FX Unfiltered - YouTube.com
In the latest in the Unfiltered video series, Colin Lambert talks to Lydia Solinski, market data product manager at 360T, about the firm's Swaps Data Feed (S...
/jlne.ws/3Aueui6
Ten Simple Money Rules for Investing Success; Bad decisions and poor behavior are the primary reasons why many fail to meet their financial goals.
Barry Ritholtz - Bloomberg
Lists can help organize your thoughts. I have created them for everything from rules for investing to financial phrases to avoid. As someone who has spent decades thinking about money - saving it, investing it and spending it - I have come to recognize several fundamental truths about money that I have compiled into a list:
/jlne.ws/2Tz1Yxk
ECB Officials Zero In on Final Compromises of Policy Overhaul
Alexander Weber and Carolynn Look - Bloomberg
Governing Council meets this week to hammer out views; Key focus is ECB's current just-below 2% inflation goal
The European Central Bank is entering the final stretch of its biggest strategy review in almost two decades, with officials looking to hammer out key differences over future monetary policy.
/jlne.ws/3dIJbGD
Soaring U.S. Rents Are the Sticky Inflation With Staying Power
Alexandre Tanzi - Bloomberg
Summer lease renewals will lock many into bigger monthly bills; Renter pain contrasts with wealth gains, refi boom for owners
The cost of renting a home is soaring in cities across the U.S., squeezing the finances of low-income households and posing a threat to the consensus that pandemic inflation will soon fade away.
/jlne.ws/3k0NMbh
Didi Loses $22 Billion in Market Cap After China Crackdown
Divya Balji and Filipe Pacheco - Bloomberg
Didi shares tumble in premarket, falling below $14 IPO price; Shares of Full Truck Alliance, Kanzhun also sink on China move
Didi Global Inc. plunged in premarket trading after a Chinese regulator ordered the removal of the company's platform from app stores, days after a $4.4 billion initial public offering in the U.S.
/jlne.ws/3dMIj3U
How Long Might the Next Bear Market Last? The fear is that today's high valuations will mean a long decline. But bear markets don't necessarily work that way.
Valuations still matter, but when it comes to bear markets, confidence (or the lack of it) might matter more.
Mark Hulbert - WSJ
Many investors worry that the stock market's current overvaluation means that the next bear market—whenever it begins—will be a long and deep one. It might surprise and comfort investors, though, to learn that there is little historical correlation between stock valuations and the length and duration of bear markets.
/jlne.ws/3wo1KpU
Sotheby's and Christie's Reimagined Auctions Pay Off; Major auction houses are investing in digital and shaking up their sales categories and timings, in part to draw a global audience.
Scott Reyburn - NY Times
What was an evening event is now an afternoon one. Degas and van Gogh are now 20th-century Modernists. Six-figure prices are few and far between
/jlne.ws/3qRhctO
Tony Hayward, Who Led BP During Deepwater Horizon Spill, to Retire as Glencore Chairman; Departure caps the changing of the guard at the commodities giant after CEO stepped down last week
Alistair MacDonald - WSJ
Tony Hayward, who stepped down leading BP PLC in the wake of the fatal Deepwater Horizon oil spill in the Gulf of Mexico, is retiring as chairman of Glencore GLNCY 2.23% PLC, the commodities giant he presided over for eight years.
/jlne.ws/3hk5OmZ
Despite Robinhood's Efforts to Attract Retail Crowd, Redditors Warn Against its IPO
Ya?l Bizouati-Kennedy - GoBankingRates
While Robinhood Markets made public the prospectus of its much-anticipated initial public offering last week, revealing it had grown its funded accounts by 151% year-over-year to 18 million — from 7.2 million — according to a Securities and Exchange filing, it seems like the Reddit army is less than impressed.
/jlne.ws/3qWUr7K
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | BOJ Seen Paying Banks to Lend in Battle Against Climate Change
Toru Fujioka and Sumio Ito - Bloomberg
Economists see central bank using March lending incentives; Bank could use government standards to avoid taxonomy calls
Bank of Japan Governor Haruhiko Kuroda and his board are likely to offer incentives for lending in the battle against climate change when they meet later this month, according to economists.
/jlne.ws/3yx8qUl
Every Roof in Japan Could Have Solar Panels in the Future
Tsuyoshi Inajima and Masumi Suga - Bloomberg
Environment Ministry raises solar capacity target for 2030; The nation already leads the world in solar per square meter
Japan seeks to add more solar power in a bid to achieve its ambitious 2030 emissions reduction goal, which could eventually lead to every building, parking lot and farm in the densely populated nation being fitted with rooftop panels.
/jlne.ws/2V3qZ3S
Top Australian Coal Mines Are Spewing More Methane Than Rivals
Aaron Clark - Bloomberg
Emissions in Bowen Basin region are 47% above global average; New data enables analysis of sector's climate change impact
A key mining region in Australia, the world's top exporter of metallurgical coal used in steelmaking, is producing vastly more methane emissions than global competitors, according to new analysis.
/jlne.ws/3hC9PCd
Credit Suisse Teams Up With JPMorgan for Sustainable Health Fund; The banks want to invest in public companies working at the intersection of nutrition and climate change
Alastair Marsh - Bloomberg
Credit Suisse Group AG and JPMorgan Chase & Co.'s asset and wealth management business are working together to develop a new investment strategy focused on sustainable nutrition.
/jlne.ws/2TwY4oH
Solar Is Dirt-Cheap and About to Get Even More Powerful; After focusing for decades on cutting costs, the solar industry is shifting attention to making new advances in technology.
Dan Murtaugh - Bloomberg
The solar industry has spent decades slashing the cost of generating electricity direct from the sun. Now it's focusing on making panels even more powerful.
/jlne.ws/2THL6o3
Utah's Great Salt Lake Waters Near 170-Year Low
Lindsay Whitehurst - AP
The silvery blue waters of the Great Salt Lake sprawl across the Utah desert, having covered an area nearly the size of Delaware for much of history. For years, though, the largest natural lake west of the Mississippi River has been shrinking. And a drought gripping the American West could make this year the worst yet.
/jlne.ws/3hzKuJ0
ESG 'central' to Ireland's relaunch strategy, says Bank of Ireland CEO
CNBC
Bank of Ireland Group CEO Francesca McDonagh discusses the impact of environmental, social and governance issues on corporate strategy in the country post-Covid.
/jlne.ws/2VgSsPX
Almonds Swept California Farms. Then the Water Ran Out; Drought-stricken farmers pull out almond orchards, scrap planting plans: 'We're grinding up trees as we speak'
Jesse Newman - WSJ
As another severe drought takes its toll in California, some farmers are backing away from one of their most profitable crops: almonds.
/jlne.ws/3qONLbC
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Schwab's $200 Million Charge Puts Scrutiny on Robo-Advising
Suzanne Woolley and Annie Massa - Bloomberg
Previous penalties were less than $1 million at smaller firms; Most regulatory action focuses on disclosures and advertising
When Charles Schwab Corp. launched its robo-adviser service in 2015, the company said it would be a smart, low-cost and handsfree solution that would automatically invest clients' money in various exchange-traded funds.
/jlne.ws/2TELTGi
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan Enlists Cutesy Mascot to Sell its Low-Yielding Bonds
Yuko Takeo - Bloomberg
Finance Ministry targets young people, women with new campaign; PR push comes as individual investors, BOJ pull back on bonds
In a country that has a mascot for almost everything, this one from the good folks at Japan's Finance Ministry might just take the cake.
/jlne.ws/2TIRw6d
Tesla's Fall From Grace in China Shows Perils of Betting on Beijing; Elon Musk won advantages unheard of for Western businesses. Then came the reality check.
Matthew Campbell - Bloomberg
Huang Jiaxue, a businessman in Wenzhou in eastern China, was thrilled when he got his Tesla Model 3 late last year. The car was good-looking, environmentally friendly, and even domestically built, having rolled off the line at California-based Tesla Inc.'s vast factory in Shanghai. But in May he sold it, recouping only about 75% of the 249,900 yuan ($38,600) he paid. "It's out of safety concerns," Huang said, citing reports on Chinese social media, vigorously disputed by Tesla, about the brakes failing in its vehicles. "Reading about it every day, I've been afraid of driving."
/jlne.ws/3ytAFmQ
Iceland Cuts Working Hours With No Productivity Loss, Same Pay
Kati Pohjanpalo - Bloomberg
Two trials with shorter hours were 'an overwhelming success'; Fewer hours have become the norm for the country's workers
Iceland has achieved the holy grail for working stiffs: same pay for shorter hours. Results from two trials of reduced hours showed no productivity loss or decline in service levels, while employees reported less stress and an improved work-life balance, researchers at U.K.-based think tank Autonomy and Iceland's Association for Sustainable Democracy said in a report.
/jlne.ws/3yp3h0o
The U.K. Is an Open, Undefended Goal For Buyouts; The London stock market provides easy prey for all bidders, but private equity has some advantages all its own.
Chris Hughes - Bloomberg
The buyout industry's controversial shopping trip in the U.K. has probably only just begun. Agreeable boards, short-termist stock market investors and a testy antitrust regime are tilting the playing field.
/jlne.ws/3jJKybS
U.S. Cities Are at a Crossroads; Technology and changing social values will give Americans more control than ever over how and where they live in the future.
Noah Smith for CityLab - Bloomberg
When we envision our future, we often think in terms of technology, culture and geopolitics. All of that determines both our lifestyle and the kinds of cities we build.
/jlne.ws/3jI3ckq
Japan's SMFG Nears $2 Billion Deal for Fullerton India
Taro Fuse - Bloomberg
SMFG to eventually buy the rest of the Indian credit firm; Japanese bank is actively looking for deal targets in Asia
Sumitomo Mitsui Financial Group Inc. will buy a 74.9% stake in Fullerton India Credit Co. for about $2 billion, marking the first entry into the South Asian country's retail financial business by a Japanese bank.
/jlne.ws/3hE9JtH
'The spirit of our ancestry': how California's Black Wall Streets are changing their cities
Abené Clayton - The Guardian
Like hundreds of other shopping districts, Sacramento's Florin Square had to shut its doors during the pandemic.
/jlne.ws/2SO4Q8W
China Widens Data-Security Probe of U.S.-Listed Tech Companies; Reviews follow a similar move against ride-hailing giant Didi
Chong Koh Ping and Serena Ng - WSJ
A unit of China's cybersecurity regulator launched data-security reviews of apps operated by two U.S.-listed Chinese companies, days after announcing a similar probe into ride-hailing giant Didi Global Inc.
/jlne.ws/3hjJ5HB
Investors in Chinese Stocks Hope for Better Second Half After Weak Showing; MSCI's China index had its worst first-half underperformance in eight years relative to its global benchmark
Chong Koh Ping - WSJ
After a lackluster first half for Chinese stocks, investors and analysts are optimistic the next six months will bring better returns.
/jlne.ws/3wpdsRc
Mexico Hands Control of Large Oilfield to Pemex in Dispute With U.S.'s Talos; The decision against private operator comes as López Obrador administration seeks to curb opening of energy sector
Anthony Harrup - WSJ
Mexico's government designated state oil company Petróleos Mexicanos as the operator of a large offshore oil reservoir it shares with a consortium led by Houston-based Talos Energy Inc., which has already invested heavily in the reservoir.
/jlne.ws/3qPRYvI
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| Miscellaneous | | Stories that don't quite fit under the other sections | HSBC helps develop first-ever money skills badge for Beaver and Cub Scouts; Scouts can take part in 20 activities to earn their Money Skills Activity Badge.
Daily Record
HSBC UK has helped the Scout Association develop its new Money Skills Activity Badge, aimed at encouraging over 200,000 Beaver and Cub Scouts to build important financial literacy skills.
/jlne.ws/2V7LCfj
Small Swedish Gamer Develops $2.4 Billion Fortune by Making Deals
Hanna Hoikkala - Bloomberg
Embracer's stock jumped more than 30-fold since 2016 debut; Analyst asks where growth will come from when M&A runs dry
A relatively unknown Swedish company has become Europe's most valuable video-game developer after the region's most prolific deal spree.
/jlne.ws/3Axytww
EA, Other Videogame Companies Target Mobile Gaming as Pandemic Wanes; Game publishers are snatching up smaller studios in race to build and keep users
Meghan Bobrowsky - WSJ
Videogame companies are increasing their financial bets on mobile games as pandemic restrictions ease and people ditch their PC and TV screens to go outside. Publishers such as Electronic Arts Inc., EA 0.89% Take-Two Interactive Software Inc. TTWO -0.93% and Zynga Inc. ZNGA 1.30% are snatching up mobile-gaming studios and creating new mobile titles, some of which are adaptations of popular games already playable on consoles and personal computers.
/jlne.ws/3hiT7J2
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