| March 04, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
It is widely known that I am a progressive. From my days promoting electronic trading to my enthusiasm today for the potential impact of AI, it is apparent. How did I get that way? You could say I was born that way, marching forth. Today is March fourth, my birthday. I continue to look forward, how the world is changing, how the risks of the world are morphing and impacting me and you alike.
Whether that was the influence of reading the book "Megatrends" by John Naisbitt during college or being impacted by a megatrend that cost me my first job out of college, since then I have paid attention to the big picture. This newsletter is the direct result of that.
I also have an appreciation for looking back, because despite the disclosure that past performance is not necessarily indicative of future results, I think we can learn a lot from the past. Thus, the importance of capturing history in projects like The Open Outcry Traders History Project or The Path to Electronic Trading.
Today we have a video for The Open Outcry Traders History project that bleeds into The Path to Electronic Trading. It is of Sam Gaer, the former chief information officer of the NYMEX who got his start on the floor as a 15-year-old runner on the COMEX. He has a remarkable story that continues through today, though we ran out of time to tell it all.
We continue to ask for your support for our MarketsWiki Education video series, including the open outcry and path to electronic trading, through our GoFundMe campaign. The last to contribute to the campaign was Eileen Flaherty, author, lawyer and former CFTC Division of Swap Dealer and Intermediary Oversight director. Thank you, Eileen, for your contribution.
The good news for Bitcoin holders, or HODLRs, is that 97% of Bitcoin addresses are in the money, according to a CoinDesk story. The story says that pressure from holders of Bitcoin trying to break even will have abated, which it suggests is a bullish sign. As if we needed more bullish signs.
The early bird gets the worm, or in the case of the Options Industry Conference, the early bird registrations end on March 15. Register HERE.
Wilfred Yiu is starting a new position as deputy chief executive officer at Hong Kong Exchanges and Clearing Limited (HKEX), he shared on LinkedIn.
K. Sean Frey is starting a new position as managing director, CFO and COO at Outset Global Trading, he shared on LinkedIn. Frey has had previous career stops at Marex, X-Change Financial Access, LLC, Peak6 Investments and ABN AMRO Clearing Chicago, LLC.
Isabella Bezzone is now a senior communications associate at ICE, having been promoted from associate, she shared on LinkedIn.
Catherine Lam Garcia is starting a new position at Cboe Global Markets as head of NA | European Execution Consulting and NA Business Development, she shared on LinkedIn.
Caitlin Tucker is starting a new position as vice president of communications at Cboe Global Markets, promoted from senior director of communications, she shared on LinkedIn.
Congratulations to Bob Jersey, the CEO of Gar Wood Securities, LLC on Gar Wood celebrating its 20th anniversary in February.
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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Our most read stories from our previous edition of JLN Options were:
- Options Income and the Volatility Risk Premium from Morningstar.
- The Achilles' Heel of ETFs Promising 100% Income Yields from Bloomberg.
- Viewpoint - Brokers and exchanges ramping up resources for retail traders from the FIA. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Sam Gaer's Open Outcry History Was a Path to Electronic Trading
JohnLothianNews.com
Sam Gaer's foray into the futures industry began at the age of 15 when he sought a summer job and was recruited as a runner on the COMEX. Initially hesitant to wake up at 7 a.m. and commute from his suburban New Jersey home to New York, he swiftly relented upon learning of the $5 cash hourly wage.
Watch the video »
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Futures Discovery: Physical Delivery VS Cash Settlement
JohnLothianNews.com
Today, we're delving into the fundamental aspect of futures trading-the Settlement Showdown: Physical Delivery versus Cash Settlement. In the dynamic world of futures trading, how contracts are settled is a game-changer, influencing strategies and risks alike. Join me as we explore the two primary methods that define this landscape: Physical Delivery and Cash Settlement.
Watch the video »
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Trading Technologies' TT platform wins Best Listed Derivatives Trading Solution at TradingTech Insight Europe Awards 2024
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, has won the award for Best Listed Derivatives Trading Solution for its TT platform at the TradingTech Insight Awards Europe 2024. The awards were announced at the TradingTech Summit London on Thursday. TradingTech Insight is a publication of A-Team Group. A-Team editors worked in collaboration with an Advisory Board to select the shortlist in each award category, and members of the capital markets community voted to determine the winners. The honor is the third A-Team Group recognition for the TT platform in the past three years. The platform was voted Best Solution for Futures Trading in the TradingTech Insight USA Awards 2023 and Best Sell-Side Execution Management System (EMS) in the USA awards in 2022.
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***** I also recently heard congratulations are due to Joe Smith for winning the Joe Smith Awards.~JJL
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There Are 340,000 Fewer Accountants, and Companies Are Paying the Price; The dwindling numbers of CPAs is at a crisis level, but starting salaries are still too low to tempt more people into the field
Jo Constantz - Bloomberg
Mistakes continued to pile up this earnings season in the wake of Lyft Inc.'s market-roiling typo: Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. all had to correct their quarterly earnings statements. These types of errors shake investor confidence and in extreme cases can result in heavy fines from the US Securities and Exchange Commission. While it's unclear what exactly led to the mistakes in each of these cases, one major risk factor has reached crisis levels: a shortage of certified public accountants.
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****** Are you sure these numbers are right?~JJL
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Friday's Top Three
Our top story Friday was Tesla must face race bias class action by 6,000 Black US workers, from Reuters. Second was the page for the Wall Street Green Summit, which takes place at the Cornell Club of NYC in midtown Manhattan on March 12th and 13th. Third was 1 reason for new bitcoin mania: 'Simply not enough' supply, from Yahoo!Finance.
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| Lead Stories | The radical changes coming to the world's biggest bond market; America's regulators say new rules will help maintain the dominance of US Treasuries, but others fear higher costs and lower liquidity
Kate Duguid, Nikou Asgari and Costas Mourselas - Financial Times
One of Bill Clinton's top advisers memorably said that he would like to be reincarnated as the bond market "because you can intimidate everyone". But in recent years, the most powerful fixed-income market of all has been scaring its own regulators. The $26.5tn US Treasury market is the biggest and most liquid in the world and Treasury securities are held by investors and central banks across the globe. The market is the mechanism by which the Federal Reserve executes monetary policy and through which the US government borrows. Yields on Treasuries are the risk-free rate against which assets around the world are priced.
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JPMorgan's AI-Aided Cashflow Model Can Cut Manual Work by 90%; Wall Street bank has seen "tremendous" interest from clients; Bank executive says may later charge for current free service
Suvashree Ghosh - Bloomberg
JPMorgan Chase & Co. helped some of its corporate customers slash manual work by almost 90% with its cashflow management tool that runs on artificial intelligence, bringing the largest US bank one step closer to charging for this service. "We are going to keep investing into this solution because we see that we're starting to really crack this workflow," said Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit, in an interview. Since launching about a year ago, his firm now has about 2,500 clients using the product, he said. The tool, which allows corporate treasuries to analyse and forecast cash flows, has seen "tremendous" interest from its clients who currently use it for free, Wimmer said. His firm is considering charging its customers in the future to use the solution, dubbed Cash Flow Intelligence.
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'Spoofing' case might draw back curtain on high-speed trading firms; Seven broker-dealers including Citadel Securities face a challenge from a cancer vaccine company
Joe Miller - Financial Times
File under: huge if true. A group of Wall Street traders maliciously drove down the share price of a Maryland biotech with a promising new brain cancer vaccine, in pursuit of the marginal profits to be made by buying the stock cheaply and selling it back to the market. That, at least, was the allegation made by Northwest Biotherapeutics in a suit filed against seven broker-dealers including Virtu and Ken Griffin's Citadel Securities in late 2022.
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Hedge Funds Can Pose Risks to Big Wall Street Brokers, BIS Warns
Caitlin McCabe - The Wall Street Journal
Three years after the implosion of Archegos Capital Management battered several Wall Street names, the Switzerland-based Bank for International Settlements is still concerned about problems at hedge funds spilling over into the banking sector. The BIS, a consortium of central banks, highlighted potential vulnerabilities for prime brokers. These are the units within big banks that provide financing for trading clients-primarily hedge funds and family offices such as Archegos.
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Pig-Butchering Scams Net More Than $75 Billion, Study Finds
Zeke Faux - Bloomberg
Pig-butchering scammers have likely stolen more than $75 billion from victims around the world, far more than previously estimated, according to a new study. John Griffin, a finance professor at the University of Texas at Austin, and graduate student Kevin Mei gathered crypto addresses from more than 4,000 victims of the fraud, which has exploded in popularity since the pandemic. With blockchain tracing tools, they tracked the flow of funds from victims to scammers, who are largely based in Southeast Asia.
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A $1.5 Trillion ESG Debt Market Has Started Bleeding Clients; Bankers say clients are wary of greenwashing allegations; Sustainability-linked loan issuance is down 74% year-to-date
Alastair Marsh and Greg Ritchie - Bloomberg
In the world's second-biggest ESG debt market, corporate clients are starting to walk away. Extra regulatory requirements, fewer financial incentives and the risk of being accused of greenwashing are putting off clients who just a few years ago were champing at the bit to attach an environmental, social or governance label to their financing, according to bankers and lawyers close to the market.
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UK boards and investors push for higher CEO pay to bridge gap with US; More employers are realising that falling behind can hamper their ability to attract and retain the best leaders
Anjli Raval, Michael O'Dwyer and Harriet Agnew - Financial Times
More UK boards are raising chief executive pay to rival US peers, marking a shift in sentiment among top bosses, chairs and investors previously reluctant to engage in transatlantic remuneration wars. The London Stock Exchange Group is among the latest seeking to gain shareholder approval for a pay package for its chief executive David Schwimmer that is benchmarked against US rivals, rather than UK companies. "When you look at standards for compensation around the world, the US is in a different place," said Schwimmer this week. "And that is an issue companies competing on a global basis from a base in London need to take into account."
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Former Macquarie star trader agrees terms to join Swiss house Mercuria; Nick O'Kane, who earned more than Jamie Dimon last year, to grow trading group's gas and power business from Dubai
Tom Wilson - Financial Times
The former Macquarie star commodities trader Nick O'Kane has agreed terms to join Mercuria as the Swiss trading house seeks to expand its gas and power business, according to people with knowledge of the discussions. Under the preliminary agreement, O'Kane would be initially based in Dubai, the people said. The fifty-year old Australian is to join in a senior leadership role to grow Mercuria's gas and power activities, particularly in Asia, one of the people added. The appointment has yet to be finalised, the person cautioned.
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Bitcoin is about to see a big 'halving' event. Here's what that means and why it matters; Past halving events have all resulted in huge price increases for the cryptocurrency
Bruce Gil - Quartz
Bitcoin has been having a terrific run this year. In just two months, its price has soared 40% to more than $62,000, putting it in striking distance from its all-time high of about $69,000. Its rally this year is partly due to the U.S. Securities and Exchange Commission approving spot bitcoin ETFs in January. These exchange-traded funds tied to the price of bitcoin allowed investors to enter the bitcoin game without the risk of directly buying the still controversial cryptocurrency. More than $6 billion have entered the market since spot bitcoin ETFs began trading in the U.S. this year. The largest one, Grayscale Bitcoin Trust, rose 48% since January.
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Securities industry rallies hard against ESMA's progressive settlement penalties suggestion; "No logical or economic basis for progressive penalties" says one association as others reply to European regulators to point out the damaging unintended consequences of such a system.
Jonathan Watkins - The Trade
Industry associations have told European regulators that there is no basis for increasing penalties for settlement fails beyond their current form and have warned of the unintended consequences of doing so. The European Securities and Markets Authority (ESMA) published a consultation paper in December 2023 on the CSDR penalty regime seeking input on amendments which may include cash penalties that increase with the length of the settlement fail.
/jlne.ws/48GTyEz
Step Aside, ESG. BlackRock Is Doing 'Transition Investing' Now. The world's biggest asset manager has abandoned the acronym while pumping billions of dollars into clean energy
Jack Pitcher - The Wall Street Journal
Climate investing is booming at BlackRock. Just don't call it ESG. After crusading for years for investment funds and companies to take into account environmental, social and governance factors, Larry Fink has purged the letters from his vocabulary. He attempted to use BlackRock's clout as the steward for millions of investors to prod companies toward climate-friendly policies and press them to disclose the social effects of their businesses. He long argued that the world's largest asset manager and its peers could make money and make the world a better place at the same time.
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Oil Trader With 'History of Misconduct' Took Years to End Bribes; Gunvor pleaded guilty and agreed to pay over $660 million Bribe payments continued despite compliance inquiries
Jack Farchy and Archie Hunter - Bloomberg
Around the time Gunvor Group Ltd. was convicted on bribery charges in 2019, Chief Executive Officer Torbjörn Törnqvist touted its relatively new compliance department as evidence that the company had changed. Gunvor, by then one of the world's largest oil traders, had operated for more than a decade without a compliance team to monitor its payments or trading partners for signs of illegal or irregular activity. But then it was hit by a Swiss investigation into bribery in the Republic of Congo, and it pledged to turn around.
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A fit and proper test for finance professionals found wanting; Tribunal warns Central Bank of Ireland that checks must be fair and proportionate
Laura Noonan - Financial Times
The UK's vow to overhaul its post-crisis system for vetting key finance workers has largely been seen through the lens of attempts to revive a City of London bloodied by Brexit. A recent Irish legal case, however, raises another argument for reviewing the systems for checking if key finance workers are up to the job - the basic (and legally protected) tenet of fairness.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine and the Houthis Are Revolutionizing Naval Warfare; Navies will have to adapt to an era in which low-cost drones and missiles can take out lumbering carriers and destroyers.
James Stavridis - Bloomberg
There are two significant maritime conflicts underway today. One is in the Red Sea, where Iranian-backed Houthi terrorists are effectively attacking merchant shipping in the dense waterways south of the Suez Canal. The other is in the confined battlespace of the Black Sea, where Ukraine - a country without an operational navy - is inflicting shocking losses on the supposedly formidable Russian Black Sea fleet.
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Germany dismisses Russia's claim it is preparing attack as 'absurd propaganda'; Accusations come after Moscow leaks discussion about supply of missiles to Ukraine
Max Seddon and Guy Chazan - Financial Times
Germany has rejected a claim by Moscow that it is planning attacks on Russian territory, calling it "absurd propaganda". Russia made the claim after Kremlin-controlled media published a recording in which senior German air force personnel appeared to discuss how the country's long-range Taurus missiles could be used by Kyiv against Russian forces.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | The urgent need to end the catastrophe in Gaza; The US risks being seen as complicit in the humanitarian disaster in the strip
The editorial board - Financial Times
The thousands of Palestinians who rushed towards a convoy of trucks ferrying aid into the ruins of northern Gaza last week hoped to get their hands on desperately needed food. Instead, dozens joined the roster of the thousands already killed in the strip. Accounts conflict about what happened. Palestinian officials say more than 100 were killed by Israeli fire. Israel acknowledges its troops fired warning shots as crowds moved towards them and hit some people, but says dozens were killed in a stampede. Whatever the truth, the tragedy underscored how wretched the catastrophe in Gaza has become after Israel's five-month siege and offensive against Hamas.
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US begins Gaza aid airdrops after Joe Biden rebukes Israel; Flights follow deaths of dozens of Palestinians during chaotic delivery of humanitarian goods
Felicia Schwartz - Financial Times
The US has begun to airdrop food into Gaza, the day after Joe Biden rebuked Israel, saying it had "no excuses" for failing to allow more aid into the besieged enclave. The US military said on Saturday that it had dropped "over 38,000 meals along the coastline of Gaza". In a statement posted on social media site X, US Central Command said the operation, carried out in conjunction with Jordan's air force, was "part of a sustained effort to get more aid into Gaza". It is planning further aid missions, it said.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ALFIL PATRIMONIAL SOCIMI to start trading in BME Scaleup on 5 March
BME-X
The company, which is the first to join this new BME market, starts with a valuation of 73.5 million euros. The Board of Directors of BME Scaleup has approved the incorporation of ALFIL PATRIMONIAL SOCIMI next March 5 once all the documentation submitted by the company has been analyzed and studied and the favorable evaluation report of the Market Coordination and Incorporations Committee has been issued. The Board of Directors of the company, has taken as a reference for the start of the trading of the shares a price of EUR7,350 per share, taking into account the valuation report made by an independent expert, which implies a total valuation of the company of EUR73.5 million.
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SIX Exchanges Figures: February 2024
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain
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CME Group Reports February ADV of 29.6 Million Contracts; Second-highest February on record; All-time monthly record for interest rate complex, with ADV of 17.2 million contracts; Record U.S. Treasury futures and options ADV of 10.9 million contracts; Record February options ADV of 6.4 million contracts
CME Group
CME Group, the world's leading derivatives marketplace, today reported its February 2024 market statistics, including an average daily volume (ADV) of 29.6 million contracts, an increase of 5% year-over-year and the second highest ADV on record for the month. The company's interest rate ADV reached a new all-time record, driven by trading of U.S. Treasury contracts. ADV also increased by double-digits in energy and agricultural products. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
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Cash market trading volumes in February 2024
Deutsche Borse
Deutsche Borse's cash markets generated a turnover of EUR108.42 billion in February (previous year: EUR113.31 billion / previous month: EUR105.01 billion). EUR104.41 billion were attributable to Xetra (previous year: EUR110.38 billion / previous month EUR101.35 billion), bringing the average daily Xetra trading volume to EUR4.97 billion (previous year: EUR5.52 billion / previous month: EUR4.61 billion). Trading volumes on Börse Frankfurt were EUR4.01 billion (previous year: EUR2.93 billion / previous month: EUR3.66 billion).
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ICE Mortgage Monitor: First-Time Homebuyers Make Up Record 47% of GSE Purchase Loans, 39% of All GSE Securitizations in 2023
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, released its March 2024 ICE Mortgage Monitor Report, based on the company's industry-leading mortgage, real estate and public records data sets. Drawing from ICE's eMBS agency securities database and ICE Market Trends originations data, the report notes just 4.3 million mortgages were originated in 2023, the fewest in the 30 years ICE has been tracking the metric. Andy Walden, ICE Vice President of Enterprise Research Strategy, explains that one byproduct of such low volumes is a significantly altered makeup of recent agency mortgage-backed security (MBS) issuance.
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FTSE Russell Announces 2024 Russell US Indexes Reconstitution Schedule
FTSE
FTSE Russell, the global index provider, today confirms the schedule for the 36th annual Reconstitution of its Russell US Indexes suite, set to occur at the end of June. This rebalancing process is designed to capture market shifts from the previous year to ensure the Russell US Indexes continue to accurately reflect the US equity market.
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Moscow Exchange Trading Volumes in February 2024
MOEX
In February 2024, total trading volumes across Moscow Exchange's markets was RUB 111.4 trln (February 2023: RUB 83.6 trln).
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OCC February 2024 Monthly Volume Data
OCC
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SIX Financial Information France gets a score of 82/100 for its "index de l'egalite professionnelle 2024" (professional equality index for the fiscal year 2023)
SIX
The French subsidiary of Swiss group SIX, SIX Financial Information France SA, has received, for the fiscal year 2023 (reference period from 01/01/2023 to 31/12/2023), a score of 82/100 under the professional equality between women and men chapter, delivered by the Ministere du Travail, de l'Emploi et de l'Insertion.
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Boerse Stuttgart records February turnover of around EUR 9,1 billion Increases in all asset classes compared to the same month of the previous year
Boerse Stuttgart
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 9,1 billion in February, around 21 percent more than in the same month of the previous year. Structured securities made up the largest share of the turnover. The trading volume in this asset class was around EUR 3,9 billion - an increase of 15 percent compared to the same month of the previous year. Leverage products generated turnover of around EUR 3 billion. Investment products contributed around EUR 881 million to the total turnover.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | JP Morgan OEMS Neovest acquires LayerOne Financial to bolster hedge fund offering; Acquisition will allow the Neovest OEMS to offer hedge fund clients integrated execution, order, and portfolio management services through a unified platform.
Annabel Smith - The Trade
JP Morgan subsidiary Neovest has moved to expand its capabilities in the hedge fund sphere with the acquisition of investment management platform LayerOne Financial. The deal is intended to allow the multi-asset and broker neutral order and execution management platform to offer integrated execution, order and portfolio management services.
/jlne.ws/49XBhnj
Nvidia Leaps Aramco to Be World's Third Most-Valuable Company
Subrat Patnaik - Bloomberg
Nvidia Corp. has claimed another milestone by overtaking Saudi Aramco in market value, making the chipmaker the world's third-most valuable public company after Apple Inc. and Microsoft Corp. The company ended Friday's session at $2.06 trillion, closing above the $2 trillion mark for the first time. Meanwhile, Aramco's value dipped to $2.03 trillion, according to data compiled by Bloomberg.
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AI Startup Anthropic Launches New Models for Chatbot Claude; The startup says new versions of Claude will be twice as likely to answer a question correctly.
Rachel Metz - Bloomberg
Artificial intelligence startup Anthropic, one of the sector's most closely watched companies, is rolling out new software for its chatbot Claude that will be better at carrying out complicated instructions and less prone to making things up. On Monday, San Francisco-based Anthropic introduced three new AI models - Claude 3 Opus, Sonnet and Haiku. The literary names hint at the capabilities of each model, with Opus being the most powerful and Haiku the lightest and quickest. Opus and Sonnet are available to developers now, while Haiku will arrive in the coming weeks, the company said on Monday.
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China offers AI computing 'vouchers' to its underpowered start-ups; Chinese tech giants are hogging scarce cloud resources to develop generative AI models as US restrictions bite
Eleanor Olcott and Qianer Liu - Financial Times
China is taking steps to level the playing field for its artificial intelligence start-ups, as the country's tech giants hog AI-training computing resources already squeezed by US chip restrictions. At least 17 city governments, including the largest, Shanghai, have pledged to provide "computing vouchers" to subsidise AI start-ups facing rising data centre costs as supplies of crucial chips become more scarce.
/jlne.ws/49UdLYq
AI meets Old Masters in the fight to authenticate paintings; Machine learning can be the difference between a charming picture and a masterpiece worth millions
Gareth Harris - Financial Times
Artificial intelligence is making its mark on the art world, encroaching even on fustier areas such as the Old Masters trade. AI will, for instance, be a talking point during the Tefaf art and antiques fair in Maastricht next week: Carina Popovici, chief executive of the Swiss-based AI company Art Recognition, will reveal at the accompanying Art Business Conference how it recently attributed a painting to a Renaissance German artist.
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Nvidia CEO predicts AI will be able to pass 'every single test' in five years, as firm hits $2T milestone
Reuters via the New York Post
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| Cybersecurity | | Top stories for cybersecurity | Companies Are Already Not Complying With The New SEC Cybersecurity Incident Disclosure Rules
Bob Zukis - Forbes
The U.S. Securities and Exchange Commission finalized new cybersecurity disclosure rules in 2023 to improve investor transparency over cybersecurity risks and the actual cybersecurity incidents impacting their investments. Disclosure requirements now span certain corporate governance and management processes and information about material cybersecurity incidents themselves.
/jlne.ws/4bWeha5
Updated NIST Cybersecurity Framework praised
SC Media
SecurityWeek reports that cybersecurity experts have lauded the National Institute of Standards and Technology's newly released Cybersecurity Framework 2.0 for expanded coverage and additional resources catering to all organizations, unlike the initial version's focus on critical infrastructure entities alone.
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New compensation trends in the cybersecurity sector
Help Net Security
For several years, cybersecurity leaders have grappled with talent shortages in crucial cyber roles. In the face of escalating financial requirements and expanding responsibilities, these leaders are under heightened pressure to achieve more with fewer resources, creating roles encompassing multiple security functions.
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Human error cited as leading cybersecurity threat in orgs
SC Media
Human error has been named by chief technology officers around the world to be the most significant security threat against their organizations, ahead of ransomware and phishing attacks, even though most CTOs noted the utilization of identity access management tech and multi-factor authentication in their organizations, reports TechRadar.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Chinese state media warns against cryptocurrency trading, as domestic interest surge on bitcoin rally
South China Morning Post
Bitcoin's recent rally has sparked renewed warnings from Chinese state media about the risks of investing in cryptocurrencies, as interest around digital assets remains strong in the country despite a sweeping ban on crypto mining and trading. A rebound in bitcoin prices cannot "hide" the underlying risks of the digital asset, state-owned newspaper Economic Daily said on Sunday.
/jlne.ws/3IllGSH
New ruling in SEC's Coinbase insider trading lawsuit comes as a blow to the crypto industry as judge finds secondary token sales were securities
Leo Schwartz - Fortune (subscription required)
As the legal debate continues over whether sales of cryptocurrencies constitute securities, all eyes have been on a court case involving a Coinbase employee sharing insider information with his brother and a friend. While the main defendant, former Coinbase employee Ishan Wahi, and his brother have reached settlements with both the Department of Justice and the Securities and Exchange Commission, the friend-Sameer Ramani-remains at large.
/jlne.ws/49UhJ3e
Bitcoin ETF mania is boosting BlackRock and Fidelity, which together have captured 79% of inflows into 'Newborn Nine'
Elijah Nicholson-Messmer and Bloomberg - Fortune
Bitcoin's blistering rally produced record inflows into spot Bitcoin ETFs - and cemented the investor favorites in this new asset class. BlackRock Inc.'s iShares Bitcoin Trust (IBIT) and Fidelity Investments' Wise Origin Bitcoin Fund (FBTC) have captured 79% of total inflows into the "Newborn Nine" - a popular name for the group of new exchange-traded funds that invest directly in Bitcoin - since the US Securities and Exchange Commission approved the assets Jan. 10. Four of the remaining seven funds have responded by cutting fees below those of the two leaders, according to a Bloomberg analysis of data from the funds' websites. Valkyrie Investments nearly halved its fee to 0.25% from the 0.49% it imposed right before the SEC approval. Franklin Templeton now offers a sector-low 0.19% after slashing its initial management charge by 10 basis points. Only Bitwise has made no change.
/jlne.ws/49AxqwV
Bitcoin Rally Leaves More Than 97% of Addresses in Profit, Blockchain Data Show
Omkar Godbole - CoinDesk
Bitcoin's recent bullish momentum has most bitcoin-holding blockchain addresses sitting on unrealized gains on their investments. More than 97% of BTC addresses are now "in the money," according to data tracked by analytics firm IntoTheBlock. That's the highest proportion since November 2021, when the largest cryptocurrency by market value hit a record high around $69,000.
/jlne.ws/3ThlzOp
Tether's Stablecoin Briefly Tops $100 Billion in Circulation for the First Time; Circulation of USDT rose 9% this year on spiked Bitcoin demand
Emily Nicolle - Bloomberg
Tether Holdings Ltd.'s USDT token briefly surpassed $100 billion in circulation for the first time, marking a major milestone for the world's largest stablecoin. USDT, a cryptocurrency which aims to maintain a one-to-one value with the US dollar, is the first stablecoin to reach such size. Circulation of USDT has risen more than 9% since the start of the year, according to data from CoinGecko, bolstered by rising demand for Bitcoin which is trading at its highest value in more than two years. Tether is the world's most-traded cryptocurrency.
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| Politics | | An overview of politics as it relates to the financial markets | China Barred From Buying US Oil Reserves in Funding Bill
Ari Natter - Bloomberg
China would be barred from buying oil from the US's emergency stockpiles under a provision included in must-pass government funding legislation unveiled Sunday. Republican critics have sought to bar the sale of oil from the Strategic Petroleum Reserve to China, after nearly 1 million barrels released from the oil reserve in 2022 were sold to Unipec America Inc., a Houston-based subsidiary of China-owned Sinopec Corp.
/jlne.ws/48DNaxN
US funding bill blocks China from buying oil from Strategic Petroleum Reserve
Timothy Gardner - Reuters
A measure in the U.S. funding legislation unveiled by congressional leaders on Sunday would block China from buying oil from the Strategic Petroleum Reserve. The desire for a hard line on China is one of the few truly bipartisan sentiments in the deeply divided U.S. Congress, and lawmakers have introduced dozens of bills seeking to address competition with China's government. The issue of SPR sales to China heated up after President Joe Biden, a Democrat, announced in 2022 a sale of 180 million barrels of SPR oil to tame gasoline prices that spiked after Russia's invasion of Ukraine.
/jlne.ws/4c1GgFC
Hunt to set out plans for private companies to trade shares on exchanges; Investors would be able to sell stakes on a limited number of days under proposal to be included in Budget
Michael O'Dwyer - Financial Times
Chancellor Jeremy Hunt is expected to set out plans in next week's Budget for a regime to allow UK private companies to have their shares bought and sold on exchanges, with the aim of launching the system before the end of the year. The Treasury is planning to start a consultation on Wednesday on the regulation of the initiative, which would give investors an opportunity to sell down part of their stakes in private companies on a limited number of days each year, an official told the Financial Times.
/jlne.ws/3T9L96W
China's Failure to Hit Energy Targets Could Prompt Policy Reset at National People's Congress
Bloomberg
China is under-performing on one of its main climate goals - cutting the amount of energy needed for economic growth. Getting back on track is likely to be a focus at the National People's Congress that starts in Beijing this week. But to do so will require an ambitious target to reduce energy intensity for this year. While a change to how the target is calculated will make it easier to reach, effectively calibrating economic and environmental objectives remains one of the biggest challenges facing policymakers.
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| Regulation & Enforcement | | Stories about regulation and the law. | U.S. Judge Enters Default Ruling Against Ex-Coinbase Insider, Says Secondary Market Sales Are Securities Transactions
Amitoj Singh - CoinDesk
In an insider trading case involving Coinbase's former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani, a U.S. court ruled on March 1, that the trading of certain crypto assets on a secondary market, which Coinbase is, are securities transactions. "The court's analysis remains the same even to the extent Ramani traded tokens on the secondary market," the ruling said. "... Each issuer continued to make such representation regarding the profitability of their tokens even as the tokens were traded on secondary markets. Thus, under Howey, all of the crypto assets that Ramani purchased and traded were investment contracts."
/jlne.ws/3SYbUuV
Finance lobby group calls for bolder overhaul of Wealth Management Connect scheme to boost Chinese investments
South China Morning Post
Regulators should take bolder steps to expand the Wealth Management Connect scheme and encourage more investments in Hong Kong products by mainland China-based investors, according to a finance lobby group. The government's recent adjustments are "steps in the right direction", but further relaxations are needed, as the support provided now is "not significant" enough to revitalise the industry, according to Peter Stein, CEO of Asian Securities Industry & Financial Markets Association (ASIFMA).
/jlne.ws/3ImLxd7
CFTC Staff Issues Advisory Regarding FBOT Regulatory Filings
CFTC
The Commodity Futures Trading Commission's Division of Market Oversight announced today that it issued an advisory notifying all foreign boards of trade (FBOTs) registered under Part 48 of the CFTC's regulations that beginning April 1, 2024, certain regulatory filings (covered filings) should be submitted through the CFTC's online filings portal, which has been updated for FBOT use.
/jlne.ws/3Io4H2s
SEC Charges Advisory Firm HG Vora for Disclosure Failures Ahead of Ryder Acquisition Bid
SEC
The Securities and Exchange Commission today announced settled charges against New York-based investment adviser HG Vora Capital Management LLC for its failure to make timely ownership disclosures in the lead-up to its May 2022 acquisition bid for trucking fleet company Ryder System Inc. HG Vora agreed to pay a $950,000 civil penalty to settle the SEC's charges.
/jlne.ws/3Tp1OVq
It's a scam! Celebrities are not getting rich from online investment trading platforms
ASIC
The National Anti-Scam Centre is warning consumers to beware of fake news articles and deepfake videos of public figures that endorse and link to online investment trading platform scams, particularly on social media. Last year, Australians reported losing more than $8 million to online investment trading platform scams, with 400 reports made to Scamwatch.
/jlne.ws/49WoRMv
ASIC shuts down nearly 3,500 scam websites, steps up surveillances in push to protect consumers
ASIC
New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC's scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct. ASIC's latest enforcement and regulatory update highlights the regulator's investment scams disruption work, as well as its focus on surveillance activity to minimise and prevent consumer harm, targeting market integrity, greenwashing and insurance failures and promoting compliance with the law.
/jlne.ws/49XvIVX
Initiatives by the financial industry to enhance their asset management businesses
Financial Services Agency
The Government of Japan has published "Policy Plan for Promoting Japan as a Leading Asset Management Center" on December 13, 2023. In the plan, major financial groups are requested to develop their plans to describe their asset management business strategy, enhance their investment management capabilities and improve governance.
/jlne.ws/49C4TqG
SFC warns public of BitForex for suspected virtual asset-related fraud
Securities and Futures Commission
The Securities and Futures Commission (SFC) today warned the public of suspected virtual asset fraud involving a purported virtual asset trading platform (VATP) operating under the name of BitForex (Note 1). BitForex, purportedly headquartered in Hong Kong, has neither been licensed by the SFC nor applied to the SFC for a licence to operate a VATP in Hong Kong.
/jlne.ws/4c30DlQ
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How to Invest in a Bull Market; With euphoria running high, we talk to everyday investors about ways they are adjusting their playbooks
Hardika Singh - The Wall Street Journal
Exuberance is back in markets. A frenzy over artificial-intelligence technology has stoked a monster run in Nvidia shares. Major stocks indexes are clinching repeated records. And even bitcoin is threatening to set a new high. In times like these, financial advisers caution clients not to let a fear of missing out drive their decision-making. They encourage them to diversify their holdings and stick with dollar-cost averaging-investing a fixed amount of money at regular intervals-because attempts to predict a market top or bottom rarely pay off.
/jlne.ws/3uUfrSY
Barclays Sees Demand for Commercial Paper Abating; This Year SEC's rule changes, ongoing Fed asset reduction to drive drop; Spreads expected to widen as 'QT starts to bite,' Abate says
Alex Harris - Bloomberg
The robust demand for commercial paper of late is likely to be short-lived as the next round of money-market rules and a longer unwind of Federal Reserve's balance-sheet unwind saps appetite for corporate IOUs, according to Barclays Plc. Investors craving commercial paper has driven the total amount outstanding to more than $1 trillion and halved borrowing costs from levels seen in mid-2023, Barclays says. But that dynamic is about to change as the latest round of regulations from the Securities and Exchange Commission weighs on institutional investors' demand for prime funds - which tend to invest in higher-risk assets such as commercial paper.
/jlne.ws/48ztb3i
The Casino Crowd Is Back Across Markets With Soft Echoes of 2021; Speculative stocks, crypto rise as retail traders embrace risk; Bearish investors get punished as most-shorted companies rally
Denitsa Tsekova and Isabelle Lee - Bloomberg
Three years since speculative fever engulfed the US investment landscape, thrill seeking is back in vogue - even before Jerome Powell & Co. take their foot off the monetary brake. Bitcoin's resurrection above $60,000 is once again front-page news as meme coins rally anew. Gambling spirits go way beyond crypto, though. Demand for bullish stock options, another mainstay of the 2021 investing era, is booming. Pandemic superstars like Carvana Co. and Beyond Meat Inc. have surged - burning bears along the way.
/jlne.ws/3T5eI9k
The US equity market is one of the least concentrated in the world; Insignificant Seven?
Toby Nangle - Financial Times
We're not entirely sure whether it was BofA's Michael Hartnett or Mike O'Rourke from Jones Trading who coined the term 'Magnificent Seven'. Frankly, it doesn't really matter. What does matter is that it has become increasingly hard to discuss equity markets without reference to the moniker. Magnificent Seven was Katie Martin's Year in [two] word[s] 2023, and has been mentioned in 211 FT articles over the past twelve months. As a proxy for worldwide interest in the stocks, here's a chart of Google searches for the "Magnificent 7 stocks".
/jlne.ws/49Dyv6Z
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | China's Top Solar Panel Maker Calls on Beijing to Control Prices
Bloomberg
Chinese solar giant Longi Green Energy Technology Co. is calling on Beijing to crack down on low prices and ensure panel quality as excess capacity and fierce competition spur company failures. The government should introduce new bidding rules to discourage prices that are below production costs, and to award firms that can provide long-lasting reliable products, Longi Chairman Zhong Baoshen said in an interview with Shanghai Securities News. Zhong made the comments on the sidelines of this week's National People's Congress, which he's attending as a delegate.
/jlne.ws/49WBCGZ
Ethanol Maker Valero to Join $8 Billion Carbon Pipeline Project
Kim Chipman and Tarso Veloso - Bloomberg
US fuel refiner Valero Energy Corp. is joining a massive carbon-capture and storage project in the heart of US corn country, lending support to a proposed pipeline plan that faces major hurdles. The company, one of the country's largest gasoline producers and its No. 2 corn ethanol maker by market share, has agreed to transport greenhouse-gas pollution from eight of its facilities on Summit Carbon Solutions LLC's proposed $8 billion pipeline, according to Summit. The agreement comes after Poet LLC, the world's largest producer of the biofuel, signed onto the project earlier this year.
/jlne.ws/434aG5H
Uranium Firms Revive Forgotten Mines as Price of Nuclear Fuel Soars
Jacob Lorinc and Maria Clara Cobo - Bloomberg
Across the US and allied countries, owners of left-for-dead uranium mines are restarting operations to capitalize on rising demand for the nuclear fuel. At least five US producers are reviving mines in states including Wyoming, Texas, Arizona and Utah, where production flourished until governments soured on the radioactive element following the 2011 Fukushima nuclear disaster in Japan.
/jlne.ws/3P7HiGd
John Kerry to keep working on climate finance after White House exit; Departing US presidential envoy aims to continue raising funds for green energy shift
Attracta Mooney - Financial Times
John Kerry aims to remain involved in drumming up finance for the clean energy transition despite stepping aside as the top US climate official, at a time when the issue of paying for green investment is a flashpoint for governments around the world.
/jlne.ws/49Cn8Mu
Buffett sounds wildfire alarm as utilities industry enters new era; Berkshire Hathaway 'will not knowingly throw good money after bad', billionaire says as damages pile up
Eric Platt and Myles McCormick - Financial Times
Utilities have long been dependable motors of Warren Buffett's Berkshire Hathaway conglomerate, turning out steady profits at rates of return approved by regulators. But the billionaire is now casting doubt on the business. The 93-year-old Buffett and his anointed successor Greg Abel have been watching as billions of dollars of liabilities accumulate at Berkshire's energy division, where its largest electric utility is wrestling with legal proceedings over its alleged role in forest fires that burnt hundreds of thousands of acres and led to deaths in the US Pacific Northwest.
/jlne.ws/3SZWndT
Private Equity's Green Star Started It All With a Database; Carlyle's head of sustainability needed a way to measure investments' environmental impact. So she created one.
Sonali Basak - Bloomberg
/jlne.ws/3P5iLS8
Just How Much Money Do CO2 Pipeline Companies Stand to Make From the Inflation Reduction Act?
Nicholas Kusnetz, Kristoffer Tigue - Inside Climate News
/jlne.ws/49Vw0ge
UK Wind Farm to Pay £5.5 Million for Breaching Market Rules; DWL charged excessively to curtail output, Ofgem determines; Bloomberg report previously found wind farms have overcharged
Eamon Farhat - Bloomberg
/jlne.ws/3uSubBR
JBS faces 'greenwashing' lawsuit as opposition mounts to NY listing; Environmentalists accuse Brazilian meatpacker of fuelling Amazon destruction
Michael Pooler and Madeleine Speed - Financial Times
/jlne.ws/3wGfWk9
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Santander cuts 320 US jobs in digital shift, source says
Reuters
Spanish bank Santander has cut around 320 jobs in the United States as it seeks to focus more on digital operations, a person familiar with the matter said. The euro zone's second largest bank by market value laid off about 2.4% of its total workforce of 13,489 at the bank's group operations in the United States, the person said. Santander said in a statement that the lender was evolving its U.S. business, investing in digital capabilities and simplified processes to adapt to changing customer needs.
/jlne.ws/3uVcZLR
Don't Chase After Phantom Menace Rate, BIS Tells Central Banks
Craig Stirling - Bloomberg
Central bankers shouldn't obsess over the natural rate of interest in an economy when they can focus on inflation itself, according to researchers at the Bank for International Settlements. In a paper released on Monday, economists Gianluca Benigno, Boris Hofmann, Galo Nuno and Damiano Sandri at the Basel-based institution hone in on the measure often dubbed R*, and conclude that uncertainty over where it lies is "very high" at present.
/jlne.ws/3wCvLbn
Citigroup to leverage Hong Kong's finance hub status to grow wealth business in Asia, Greater Bay Area
South China Morning Post
Citigroup will expand its wealth management business in the Greater Bay Area and rest of Asia from its base in Hong Kong, according to its global wealth head. The US banking group remains committed to Hong Kong and China despite selling its mainland wealth business to HSBC in October, Andy Sieg said after visiting a number of Greater Bay Area cities last week.
/jlne.ws/3T0ivVt
Swiss bank accuses Macquarie of distorting valuations for higher fees
Aaron Weinman - Financial Review
One of Switzerland's largest banks has accused Macquarie of inflating the value of a poorly performing investment to charge higher fees, and refusing to answer questions about how the company, an Indian education technology platform, was being managed. In a letter to Macquarie Capital's global head, Michael Silverton, Julius Baer's chief investment officer, Yves Bonzon, said the local asset manager was not incentivised to "devalue the position" in Byju's even after other investors, including BlackRock, slashed their valuation of the company from $US22 billion ($34 billion) to just $US1 billion.
/jlne.ws/3P8wzvc
BGC Group Set to Join S&P SmallCap 600; Company repurchased approximately 10 million shares quarter to date
BGC Group
BGC Group, Inc. (NASD: BGC), a leading global brokerage and financial technology company, today announced it will join the S&P SmallCap 600 index, effective prior to the open of trading on Monday, March 18, 2024. The S&P SmallCap 600 seeks to measure the small-cap segment of the U.S. equity market.
/jlne.ws/3IpAtMp
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The ZIP Code Shift: Why Many Americans No Longer Live Where They Work; A new study shows that white-collar employees who can work remotely now live roughly twice as far from their offices as they did prepandemic.
Emma Goldberg - The New York Times
In 2020, Virginia Martin lived two and a half miles from her office. Today, the distance between her work and home is 156. Ms. Martin, 37, used to live in Durham, N.C., and drove about 10 minutes to her job as a librarian at Duke. After the onset of remote work, Ms. Martin got her boss's blessing to return to her hometown, Richmond, Va., in March 2022, so she could raise her two young children with help from family. As an '80s-born "child of AIM," Ms. Martin said of AOL instant messaging, it hadn't been hard for her to maintain co-worker friendships online. She drives back to the office several times a year for events, most recently for the December holiday party.
/jlne.ws/430D8FQ
Why are women still being cast off the glass cliff? Female workers are deemed more likely to rise to the top when the job is risky and less appealing to men
Pilita Clark - Financial Times
Last weekend, I spent a good hour reading about the five Conservative party politicians tipped to replace their troubled leader, Rishi Sunak. The front-runners vary, depending on whether you look at a betting agency such as Ladbrokes, or the favourites of veteran Westminster political commentators. But three names keep standing out: Kemi Badenoch, Penny Mordaunt and Suella Braverman.
/jlne.ws/3ImOPgr
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Vaccination Rates Dipped for Years. Now, There's a Measles Outbreak in Britain.
Megan Specia - The New York Times
The 5-year-old looked nervously at her older brothers, scanning their faces for any sign of distress as needles were swiftly stuck into their upper arms, the syringe plungers pushed in and the measles, mumps and rubella vaccine administered. Whether it was for her benefit or not, they barely flinched. Then it was her turn. The girl, Oma Nnagbo, looked wide-eyed at the cheerful nurse, who a moment later declared, "All done, very brave!"
/jlne.ws/3uN5Ey7
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China 'national team' ETF buying reaches $57bn this year, says UBS; Bank has estimated flows based on purchases of 54 Chinese equities ETFs
Sandra Heistruvers - Financial Times
China's "national team" of major state-backed financial services companies has ploughed Rmb410bn ($57bn) into local equities exchange traded funds so far this year, according to UBS estimates. Analysts at the bank said they derived the figure by making estimates based on calculations on excess transactions for 54 Chinese ETFs.
/jlne.ws/4c33Ce2
China Buys Hefty Amount of Foreign Grain as Global Prices Slump
Hallie Gu and Áine Quinn - Bloomberg
China snapped up more than 20 cargoes of feed grain on the international market in the past two weeks as the world's biggest importer took advantage of a decline in prices to the lowest level in more than three years. The country secured shipments of corn, sorghum and barley from suppliers including Ukraine and the US, according to people familiar with the transactions. The purchases amount to over 1.2 million tons of grain on the basis of each cargo being 60,000 tons.
/jlne.ws/3P3sZCg
China's Pork Prices Seen Recovering as Farmers Cut Production
Bloomberg
China's pork prices are likely to rebound in the second half of the year, according to Liu Yonghao, chairman of New Hope Group, the country's biggest animal feed maker and one of the top meat suppliers. "This pork cycle has been longer than expected, but we still have confidence," Liu told reporters on the sidelines of Chinese People's Political Consultative Conference on Monday. "There are better chances that hog producers will stop making losses in the second half."
/jlne.ws/4bSaE50
Qatar's Gas Push Has a Hidden Motive - Murdering Coal; The nation is seeking to exploit the energy transition by boosting LNG production.
Javier Blas - Bloomberg
The energy transition will eventually be a zero-sum game - for one energy source to win, another must lose. The obvious battle is between renewables and fossil fuels. But even within the fossil-fuel camp, natural gas and coal are fighting for supremacy. And one nation is seeking to tip the scales in favor of the former. Supporters of gas brand it a "bridge fuel" - a stepping stone to allow the world to decarbonize electricity generation by replacing coal-fired power stations with gas-fired plants.
/jlne.ws/3TnWVff
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