| August 27, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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$53,406/$300,000 (17.8%)
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Hits & Takes
John Lothian & JLN Staff
ICE may be melting on Greenland, but it is building up at the Intercontinental Exchange in the form of open interest. ICE today reported record open interest of 48.1 million contracts as of August 25, 2021. ICE's North American natural gas futures and options, which include Henry Hub and U.S. Basis Markets contracts, hit record open interest of 23 million on August 25, up 10%, with open interest in Henry Hub futures and options up 28% year-over-year. -- ICE
FairX is reporting a surge in client adoption of FairX futures, and it is averaging over 1,100 contracts traded per day in August. The brokers offering FairX are Ameritrade, E*Trade, ADMIS, Advantage Futures, Cannon Trading, Daniels Trading, Dorman Trading, Edge Clear, Futures Online, GFF Futures, Gain Futures, Optimus Futures, Phillip Capital, StoneX, Stage5, Sweet Futures, LLC, Tradovate and Wedbush.
In 2012 after the collapse of Peregrine Financial Group, I was a guest on the Chicago public television show Chicago Tonight on WTTW to discuss business ethics. One of the other guests that evening was a DePaul professor, Kelly Pope. Pope is a forensic accounting expert who was recently on an episode of Super Heists on CNBC. She discussed money laundering in a terrific explanation of the subject. It is worth checking out.
The NZX recently announced some senior management changes. Here are the new senior executives at NZX:
Sarah Minhinnick - General Manager Capital Markets Origination
Jeremy Anderson - General Manager Capital Markets Development
Felicity Gibson - General Manager Market Operations
Robert Douglas - Chief Technology Officer
Graham Law - Chief Financial and Corporate Officer
Hamish Macdonald - Chief Strategic Delivery Officer
Hugh Stevens - Chief Executive, Smartshares
Lisa Turnbull - Chief Executive, NZX Wealth Technologies
Joost Van Amelsfort - Chief Executive, NZ RegCo
Lara Robertson - General Manager People and Sustainability
Payments Dive is looking for a reporter to join the team led by former Crain's Chicago Business reporter Lynne Marek. -- Industry Dive
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday. I am wondering whether the next donation will come from an Uptown Girl or Bad, Bad Leroy Brown.
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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ETF.com reports today that Cathie Wood's ARK Investment Management team is back in China tech stocks. The newsletter said its analysis of ARK's trade notifications since last Thursday shows the firm has bought a net 1.17 million shares of JD.com and its JD Logistics subsidiary, along with about 235,000 shares of Tencent and 85,824 shares in Pinduoduo. The majority of those shares were reportedly placed into the ARK Space Exploration & Innovation ETF (ARKX) and the ARK Fintech Innovation ETF (ARKF). ARK was among the investors that sold off Chinese holdings recently after the Chinese Communist Party ordered security reviews of U.S.-listed tech companies. More details here. ~SC
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Previous Covid Prevents Delta Infection Better Than Pfizer Shot
Michelle Fay Cortez - Bloomberg
Early data from Israel shows natural immunity wanes with time; People who recovered from Covid may face lower risk from delta
People who recovered from a bout of Covid-19 during one of the earlier waves of the pandemic appear to have a lower risk of contracting the delta variant than those who got two doses of the vaccine from Pfizer Inc. and BioNTech SE.
/bloom.bg/3kx0KvM
*****The bad news: you had COVID-19; the good news: you are more protected from movement of the underlying (infection)? ~JJL
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US deaths in 2020 top 3 million, by far most ever counted
Mike Stobbe - AP
This is the deadliest year in U.S. history, with deaths expected to top 3 million for the first time — due mainly to the coronavirus pandemic. Final mortality data for this year will not be available for months. But preliminary numbers suggest that the United States is on track to see more than 3.2 million deaths this year, or at least 400,000 more than in 2019.
/bit.ly/3yjPpEi
***** We can't reverse this number, but we can slow the trend.~JJL
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Why Is the Supply Chain Still So Snarled? We Explain, With a Hot Tub; Utah manufacturer Bullfrog Spas depends on a complicated network to bring materials from across continents and oceans. The pandemic put it out of whack.
Austen Hufford, Kyle Kim and Andrew Levinson - WSJ
The global supply chain is an intricate ballet of container ships, airplanes, trucks and trains. The coronavirus pandemic threw it out of whack. This is why you often can't buy the goods you want. Hot-tub maker Bullfrog Spas saw demand soar as homebound consumers upgraded their backyards. Yet its supply chain spans thousands of miles across continents and oceans. On a typical day, its Herriman, Utah, factory takes delivery of 40,000 gallons of chemicals, 400 sheets of plastic and up to 60,000 additional components.
/on.wsj.com/2USCfR3
***** A local restaurant was out of zucchini and could not get it from its suppliers. A client brought in a bunch from his garden. There are all kinds of supply chains. The more local the better.~JJL
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Twelve-year-old boy makes £290,000 from whale NFTs
Zoe Kleinman - BBC
A 12-year-old boy from London has made about £290,000 during the school holidays, after creating a series of pixelated artworks called Weird Whales and selling non-fungible tokens (NFTs).
/bbc.in/2Ws5j2i
***** Creativity is not limited by age.~JJL
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We should be careful which metaverse we choose to live in; A fully-realised parallel online world will take decades to appear but the possibilities are infinite
John Thornhill - FT
The great thing about the future is you can make it up. If present day reality is messier than you had hoped, then you can construct an alternative one, where everything is much cleaner. So it is with the latest West Coast infatuation with the metaverse. Now that the Federal Trade Commission is hammering on Big Tech's door and even the Taliban is using audio app Clubhouse, maybe it is time to add a shiny new dimension to the future.
/on.ft.com/3BjjJAU
***** I want to live in the metaverse where every mistake I made didn't happen. But then would I have learned from my mistakes? Darn, leave me here.~JJL
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Thursday's Top Three
Not too surprisingly, our top story Thursday was Bloomberg's Florida Is Getting Its Own Baha Mar-Style Mega-Resort in Boca Raton. Many of us in the futures and options industries have fond memories of FIA conferences there over the years. Second was the press release Abaxx Clearing Receives Approval in Principle Notification from the Monetary Authority of Singapore. Abaxx was also our MarketsWiki Page of the Day Thursday. And third was Bloomberg's Currency Traders Reneging on Deals Frustrate $7 Trillion Market about the practice of "last look" in the foreign exchange market.
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MarketsWiki Stats
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MarketsWiki Statistics
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| Lead Stories | The Social-Media Stars Who Move Markets; Young investors are turning to a new generation of stock pickers—many without formal training—for advice. For these would-be Jim Cramers, staying popular means never criticizing a meme stock.
Robbie Whelan - WSJ
A few years ago, Kevin Paffrath, a 29-year-old real-estate broker and father of two who lives in Ventura, Calif., earned most of his income from commissions on home sales, and kept up a side gig recording online videos about home buying.
/on.wsj.com/3yo8dSX
Wall Street Is Looking to Reddit for Investment Advice; Deep-pocketed banks and hedge funds now take their cues from armies of Main Street traders
Caitlin Ostroff and Paul Vigna - WSJ
Wall Street professionals tell everyday investors what stocks to buy. But now they have to follow some of these amateurs for signs of where the market is headed next. Venerable institutions Goldman Sachs Group Inc. and Morgan Stanley are tracking the retail trading frenzy, and hedge funds in New York and London have employees combing through the internet forum of Reddit, Twitter or chat startup Discord in search of trading opportunities. They turned to these sources following a period of market mayhem dominated by amateurs on Reddit's WallStreetBets and the Robinhood Markets Inc. trading app who collectively boosted the shares of GameStop Corp. and other companies that had fallen out of Wall Street's favor.
/on.wsj.com/3mIZp85
The Meme Lords Who Are Taking Over the C-Suite; These company insiders—from GameStop's Ryan Cohen to AMC's Adam Aron—post outlandish tweets and have cult-like followings online
Caitlin McCabe - WSJ
The tweet from GameStop Corp. director Ryan Cohen, on its face, made little sense: a picture of a McDonald's ice cream cone alongside a frog emoji. Yet on the February afternoon that he posted it, investors in the video game retailer spun into a frenzy. As traders on social media scrambled to untangle the post's meaning and shared it as a meme, GameStop's stock rocketed higher and finished the session up 104%. Mr. Cohen has never publicly revealed the meaning behind the Feb. 24 tweet, and it's impossible to say to what extent it drove GameStop's price movement that day.
/on.wsj.com/3sSQIsF
Covid-19 Quarantine Rules Threaten Hong Kong's Role as Finance Hub, Businesses Say; Determined to keep cases near zero, city requires arrivals from about two dozen countries to isolate in a hotel for three weeks
Elaine Yu - WSJ
In an effort to maintain zero locally transmitted Covid-19 cases, Hong Kong has imposed one of the world's toughest quarantine regimes, confining most arrivals from overseas to a hotel room for as long as three weeks.
/on.wsj.com/2Y3SkEI
The Regulators Are Coming After Sustainable Investing; U.S. investigation into Deutsche Bank's asset manager DWS is important first step in crackdown on ethical-investing claims
Rochelle Toplensky - WSJ
Some of the investment industry's claims about sustainability aren't sustainable. A U.S. probe into Deutsche Bank's DB -3.15% asset-management arm could help sift out the fakers. American officials are investigating DWS Group, DWS -0.94% according to a Wall Street Journal report Thursday, after its recently departed head of sustainability said it overstated how widely it used sustainable-investing criteria. The outcome will likely be investors' first indication of how U.S. regulators will clamp down on Wall Street "greenwashing."
/on.wsj.com/3js0Ju1
Climate funds often fall short of Paris goals, says report; Green-themed investment funds found to offer range of exposure to oil and oil-service companies
Camilla Hodgson and Attracta Mooney - FT
Funds marketed as "climate themed" often hold shares in large polluters including big oil companies, and many are inconsistent with the goals of the Paris agreement despite claiming to be "aligned" with it, according to analysis by think-tank InfluenceMap.
/on.ft.com/3Bm8IyP
Big Tech Wants You to Live in a Virtual World. Prepare for Real Problems; Facebook and other companies view the 'metaverse' as the next big thing, but user discretion is advised
Dan Gallagher and Laura Forman - WSJ
Heard of the "metaverse" lately? It has been hard not to. Facebook FB -1.09% Chief Executive Mark Zuckerberg mentioned tech's latest buzzword 16 times on his company's most recent earnings call last month. The future of Facebook, he said, is a metaverse—a virtual environment where you can be physically present to hang out, play games, work and create.
/on.wsj.com/3zBaJqt
A Quest for MEME Leads Me to the Ticker Gray Market and Beyond; Strong tickers have been shown to boost trading in U.S. stocks, and the day-trader invasion is making them key to new ETF success
Katie Greifeld - Bloomberg
Will Hershey is playing hardball. He flat-out rejected $100,000 and shrugged at $250,000. Fine, I say. What if someone offered you $500,000? "Hold on," he says. "Let's take a step back. I don't own the ticker." Wait, what? That's not what I've heard. It's late spring in New York, and the latest bout of Reddit-fueled craziness has hit the market. A source tipped me off that Roundhill Investments -- Hershey's firm -- is sitting on surely one of the hottest assets on Wall Street: It owns the ticker MEME, and is just deciding how to cash in.
/bloom.bg/3jiKkrE
Chicken, Milkshakes, Candy: Scarce in Britain's Truck Driver Shortage; Because of Brexit and other reasons, Britain doesn't have enough truck drivers, and that's causing all sorts of items to go vanish from stores and restaurants.
Eshe Nelson and Stephen Castle - NY Times
Across Britain, a slow-burning problem has ignited into a supply chain crisis in recent weeks as restaurants, supermarkets and food manufacturers warned customers that some popular products may be temporarily unavailable because of a shortage of truck drivers.
/nyti.ms/38f9uBb
Step-in risk - Executive Summary
BIS
The 2007 - 09 Great Financial Crisis (GFC) provided evidence that banks sometimes have incentives beyond contractual obligation or equity ties to "step in" to support unconsolidated entities to which they are connected. This happened in the form of credit or liquidity support that banks provided to, among others, securitisation conduits, structured investment vehicles and money market funds.
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SIFMA Fixed Income Market Close Recommendation in the U.S., the U.K., and Japan for U.S. Labor Day Holiday
SIFMA
SIFMA has confirmed its previous holiday recommendation for a full market close on Monday, September 6 for the trading of U.S. dollar-denominated fixed income securities in the U.S., the U.K., and Japan in observance of the U.S. Labor Day holiday.
/bit.ly/3sTtymc
China Plans to Ban U.S. IPOs for Data-Heavy Tech Firms; China's stock regulator plans to propose new rules that could thwart internet companies' plans to list in the U.S.
Keith Zhai - WSJ
China plans to propose new rules that would ban companies with large amounts of sensitive consumer data from going public in the U.S., people familiar with the matter said, a move that is likely to thwart the ambitions of the country's tech firms to list abroad.
/on.wsj.com/3DmOx5x
Firms Wary as Money-Market Rule Changes Studied After Covid-19 Run; Asset managers support some proposals including one that reverses a change that followed the 2008-09 financial crisis
Justin Baer - WSJ
Investment managers are fighting for the future of money-market funds. Just over a year ago, jittery investors withdrew from the markets over concern the pandemic would devastate the economy. Money funds emerged as a flashpoint in March 2020, when companies and pension managers raced to stockpile cash, and the firms that managed those funds struggled to sell enough bonds to meet those redemptions.
/on.wsj.com/2WoTbPs
These London Bankers Return to Office to Find New Desk in the Basement
Harriet Habergham - Bloomberg
Metro Bank has renovated its branches to add office space; Companies worldwide are rethinking their property footprint
Some two dozen Metro Bank Plc office staff got an early taste of what hybrid working will look like this week as they trialled their firm's new approach to office life.
/bloom.bg/3kpfj4y
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| Wellness Exchange | | An Exchange of Health and Wellness Information | 100,000 More Covid Deaths Seen Unless U.S. Changes Its Ways
Carla K. Johnson, Nicky Forster - AP
The U.S. is projected to see nearly 100,000 more COVID-19 deaths between now and Dec. 1, according to the nation's most closely watched forecasting model. But health experts say that toll could be cut in half if nearly everyone wore a mask in public spaces. In other words, what the coronavirus has in store this fall depends on human behavior.
/bloom.bg/3sWX3Dt
Survey: 68 Florida Hospitals Have Less Than 48 Hours Worth Of Oxygen
Abe Aboraya - NPR (WMFE)
The Florida Hospital Association is sounding the alarm, saying a survey shows 68 hospitals have less than a 48-hour supply of oxygen.
Hospitals are using three to four times as much oxygen as they were before the pandemic because more than 17,000 patients are hospitalized statewide with COVID-19. The FHA survey, which was done today, shows 68 hospitals have less than 48 hours worth of supply, with about half of these have less than 36 hours.
/bit.ly/3ykyQIp
Researchers Ready Lab-Grown Covid-19 Delta Variant for Human Trials; U.K. company is growing the highly contagious variant under tight lab controls for use in challenge studies
Jenny Strasburg - WSJ
While the rest of the world is trying to stamp out the Covid-19 Delta variant, British researchers are making progress growing a carefully controlled batch in a lab that they hope to use to infect volunteers in studies.
/on.wsj.com/3ypcxkN
GM Requiring All U.S. Salaried Workers to Report Their Vaccination Status; Disclosure is made confidentially; company says move would help determine the overall immunity of its workforce and guide its safety protocols
Mike Colias - WSJ
General Motors Co. GM -2.17% has required all U.S. salaried workers to report their Covid-19 vaccination status as more companies confront the thorny question of how to assess workforce immunity.
/on.wsj.com/3sSSQkn
More Companies Weigh Penalizing Employees Without Covid-19 Vaccinations; After months of lobbying and encouragement, businesses are considering more forceful methods, like Delta's benefit surcharge
Dylan Tokar - WSJ
Companies unwilling to require employees to get vaccinations are increasingly considering healthcare-benefit surcharges and other more aggressive measures to make their workplaces safer from Covid-19, employment and benefit experts say.
/on.wsj.com/3sSTi23
Calls Grow to Discipline Doctors Spreading Virus Misinformation; A tiny number of doctors have had an outsize influence in spreading false information about Covid-19 and vaccines.
Davey Alba and Sheera Frenkel - NY Times
Standing before a local school board in central Indiana this month, Dr. Daniel Stock, a physician in the state, issued a litany of false claims about the coronavirus. He proclaimed that the recent surge in cases showed that the vaccines were ineffective, that people were better off with a cocktail of drugs and supplements to prevent hospitalization from the virus, and that masks didn't help prevent the spread of infection.
/nyti.ms/3B91rlM
New China Vaccine Shows 82% Effectiveness Against Serious Covid
Bloomberg News
Vaccine developed by Zhifei is 93% effective against Alpha; Results help bolster the race for global virus protection
A vaccine from China's Chongqing Zhifei Biological Products Co. showed 82% effectiveness against serious Covid-19 infections, boosting the country's efforts to immunize its vast population.
/bloom.bg/3yi4IgB
Scotland Reports Record New Covid Infections in Warning for U.K.
Rodney Jefferson - Bloomberg
Scotland reported a record number of daily coronavirus infections after restrictions were lifted and schools reopened. There were 6,835 cases in the past 24 hours, more than at any time since the pandemic began and twice the number a week ago. That also was a reflection of a record number of tests carried out, First Minister Nicola Sturgeon said at a briefing on Friday. One third of new cases in Scotland are among those people who are vaccinated, she said.
/bloom.bg/3sPu5FD
Singapore Rolls Out Covid Test Kits as Vaccination Target Nears
Niluksi Koswanage - Bloomberg
Singapore's health officials will start distributing self-test kits for Covid-19 and begin to close some vaccination centers, the government said, as the country approaches a major milestone of inoculating 80% of the population.
/bloom.bg/2WpmMc2
U.S. to Ship 2 Million Coronavirus Vaccines to South Africa
Josh Wingrove - Bloomberg
Shipment pushes South Africa donation to nearly 8 million; South Africa is among countries leading push for IP waiver
The U.S. will ship 2.2 million coronavirus vaccine doses to South Africa on Friday, a show of support to one of the countries that has led the push to loosen restrictions on global production and shrink the gap between wealthy and developing nations.
/bloom.bg/3knBqYY
Western states finalise Covid booster plans as developing world left behind; France joins US and others by confirming it will administer third vaccine doses
Oliver Barnes and Oli Elliott - FT
Wealthy countries are finalising plans to roll out Covid-19 booster programmes to counter the threat from waning vaccine immunity, decisions that will further squeeze the supplies available to the developing world.
/on.ft.com/2WzuC2y
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Reports Record Futures Open Interest of 48.1 Million Contracts
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced record total futures open interest of more than 48.1 million contracts on August 25, 2021. ICE's North American natural gas futures and options, which includes Henry Hub and U.S. Basis Markets contracts, hit record open interest of 23 million on August 25, up 10%, with open interest in Henry Hub futures and options up 28% year-over-year ("y/y").
/bit.ly/3ksI4gS
HKEX Signs MOU with Guangzhou Futures Exchange
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Friday) pleased to announce it has signed a Memorandum of Understanding (MOU) with the Guangzhou Futures Exchange (GFEX) for strategic cooperation in promoting sustainability and facilitating the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
/bit.ly/3Bw9AB5
NZX senior leadership changes
NZX
NZX has the ambition to be a diversified financial markets infrastructure and services business. Our purpose is to deliver enduring markets, capital pathways and investment opportunities that help deliver economic success for New Zealand. We see opportunity to deliver additional value for our business, and support the development of New Zealand's capital markets more generally, by leveraging further the products, services and capability we have across our business areas.
/bit.ly/38hEVe8
Miax preps 'Virtual Trading Floor' of data tools to grow investors, market-makers; The options exchange operator hopes to make it easier for participants to translate data into context and insight, and to broaden participation from new market sectors.
Max Bowie - Waters Technology
The Miami International Securities Exchange (Miax) is assembling a collection of third-party data, tools and services that will provide insight to market participants trading options on its platform, and to market-makers and broker-dealers providing liquidity on the exchange.
/bit.ly/3gCwoa1
Share Of Investors In Financial Instrument Turnover On GPW In H1 2021
Mondovisione
Domestic individual investors generated 24 percent of GPW Main Market equities turnover in H1 2021 (+2 pps YoY), a record-high H1 share in a decade. Foreign investors generated 55 percent of turnover (-3 pps YoY) and institutional investors generated 21 percent (+1 pps YoY).
/bit.ly/3mD5Rxl
SET Appoints New SEVP In Charge Of Market Supervision
Mondovisione
The Stock Exchange of Thailand (SET) has recently appointed Paveena Sriphothong as Senior Executive Vice President (SEVP), Head of Market Supervision Division, effective from September 1, 2021.
/bit.ly/2UQE5lh
Pfizer, BioNTech Expand Covid-19 Vaccine Manufacturing Into Latin America; Deal would allow Brazil's Eurofarma to produce at least 100 million doses annually for distribution in the region
Jared S. Hopkins - WSJ
Pfizer Inc. PFE -0.27% and BioNTech SE BNTX -1.61% said they are partnering with a Brazilian pharmaceutical company to help manufacture their Covid-19 vaccine in Latin America, which could help meet growing demand for the shot in the region.
/on.wsj.com/3gCe7tI
TMX Group CEO John McKenzie to Present at the 2021 Scotiabank Financials Summit
TMX
TMX Group CEO John McKenzie will present at the virtual 22nd annual Scotiabank Financials Summit.
/bit.ly/3sSM5yN
NGX CEO Lauds Lafarge Plc For Commitment To Sustainability
Mondovisione
The Chief Executive Officer, Nigerian Exchange Limited, Mr. Temi Popoola, CFA, has commended Lafarge Africa Plc for demonstrating its commitment to adopting sustainable business practices. This was expressed at the Facts Behind the Sustainability Report presentation by Lafarge Africa Plc on the NGX platform which held on Thursday, 26 August 2021.
/bit.ly/38hHI6T
MCX to launch futures on Codex Energy; The trading unit will be ?125 and minimum order size is at 80 lots
TheHInduBusinessLine.com
MCX, the country's largest commodity exchange, has received market regulator Sebi approval for launching futures trading on iComdex Energy index.
/bit.ly/3DpGs00
SGX prices its debut US$250 million 1.234% notes; Maiden bond issuance was more than 9 times over-subscribed
SGX
Singapore Exchange (SGX) has successfully launched and priced its debut US$250 million issuance of notes due 2026 (Notes) under its S$1.5 billion multicurrency debt issuance programme (MTN Programme) which was established in October 2019. The Notes will carry a coupon rate of 1.234% per annum, payable semi-annually. The Notes are expected to mature in September 2026.
/bit.ly/3my8ZKO
-- NOTICE OF SUMMARY ACTIONCBOT-DQA-21; MEMBER FIRM: TJM INSTITUTIONAL SERVICES, LLC, RULE VIOLATION: CBOT RULE 536.B GLOBEX ORDER ENTRY -- CME
-- NOTICE OF SUMMARY ACTION, MEMBER FIRM: ED&F MAN CAPITAL MARKETS, INC., CBT RULE: CBT Rule 807. Open Long Positions During Delivery Month -- CME
-- NOTICE OF SUMMARY ACTION, MEMBER FIRM: GOLDMAN SACHS & CO. LLC, CBOT RULES: 854. CONCURRENT LONG AND SHORT POSITIONS - CME
-- NOTICE OF SUMMARY ACTION, MEMBER FIRM: SOCIETE GENERALE SA, CME RULE: 561.A. REPORTS OF LARGE POSITIONS (In pertinent part) -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Waters Wrap: A whole new way of looking at data spend (And CME-Cboe thoughts); As brokers start to explore various forms of self-service models, Anthony wonders if this could lead to a complete rethink of how commercial terms and contracts are structured for adding on new datasets.
Anthony Malakian - Waters Technology
Putting this up late this week. With people away on vacation—and me coming back from my own—it's been a bit hectic. Anyway, enough excuses, let's rip into it. Reimagining data spend I think that this is a story that many of you will be familiar with: I hated cable TV and welcomed the advent of streaming services and the freedom they provided. I could finally pay for only the channels and services that I cared most about. Flash forward three years, and I have no actual clue as to how much I pay.
/bit.ly/3kp1EdT
World's Largest Chip Maker to Raise Prices, Threatening Costlier Electronics; TSMC to increase prices of most advanced chips by roughly 10%; less advanced chips will cost about 20% more
Yang Jie, Stephanie Yang and Yoko Kubota - WSJ
The world's largest contract chip maker is raising prices by as much as 20%, according to people familiar with the matter, a move that could result in consumers paying more for electronics.
/on.wsj.com/3zr3kKe
HP, Dell See Swelling Backlogs Amid Hot Demand And Supply Shortages; 'We are selling everything that we build,' says HP Chief Executive Enrique Lores
Maria Armental - WSJ
HP Inc. HPQ -0.99% and Dell Technologies Inc. DELL -0.50% are seeing demand for computers outpacing their ability to satisfy customer orders as shortages and supply-chain issues hold back sales growth. Personal computers last year registered the strongest shipment growth in a decade, driven by a pandemic boost to sales as more people work remotely. But supply-chain challenges that are disrupting a swath of industries also are denting computer sales.
/on.wsj.com/38hXNtj
Salesforce.com Needs Pandemic Changes to Stick; Cloud software giant has boosted margins in part by spending less on travel and events
Dan Gallagher - WSJ
Salesforce.com CRM 2.66% has earned its way out of the penalty box. Staying out will be tricky. The cloud software giant's fiscal second quarter results late Wednesday showed adjusted operating margins of 20.4%—its highest in at least a decade. It was the second consecutive quarter of that metric exceeding 20%. That, along with revenue and billings that beat Wall Street's forecasts, sent Salesforce shares up nearly 5% Thursday afternoon.
/on.wsj.com/3yr3aB4
Apple Settlement Gives App Developers a Way to Avoid Its Commission; It also will create a $100 million fund to pay them. A judge's decision in a higher-profile fight with Epic Games, a leading video game maker, is still pending.
Jack Nicas - NY Times
Apple, in a legal settlement announced on Thursday with a group of app developers, said it would allow developers to urge customers to pay them outside their iPhone apps.
/nyti.ms/2UR4rDM
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| Cybersecurity | | Top stories for cybersecurity | Keeping Up with U.S. Cybersecurity Regulatory Compliance Requirements
Kelsey Gast - Security Boulevard
2021 has provided no shortage of security events and incidents. The increasing frequency and severity of supply chain and ransomware attacks have put pressure on governments and various regulators to act, which has created a lot of noise and uncertainty amongst organizations attempting to keep up with their cybersecurity regulatory compliance obligations. Here is a recap of the regulatory highlights and guidance we've seen recently:
/bit.ly/2Y3wXDx
Microsoft Cloud Databases Vulnerable for Years, Researchers Say
Kartikay Mehrotra - Bloomberg
A vulnerability in Microsoft Inc.'s cloud database system left data at thousands of clients exposed to potential cyberattacks for about two years, according to the Israeli cybersecurity firm that discovered the bug.
/bloom.bg/3mDhmF1
T-Mobile Says Hacker Used Special Tools, Brute Force to Get Data
Scott Moritz - Bloomberg
The theft involved the records of more than 13 million current customers, along with more than 40 million prospective customers who had applied for credit with the company, and 667,000 former customers, according to a company statement last week. An additional 902,000 prepaid customers also had some data exposed.
/bloom.bg/3DpHQzy
T-Mobile Hacker Who Stole Data on 50 Million Customers: 'Their Security Is Awful'
Drew FitzGerald and Robert McMillan - WSJ
A 21-year-old American said he used an unprotected router to access millions of customer records in the mobile carrier's latest breach
/on.wsj.com/38ipQZJ
China Seeks to Ban Data-Rich Firms From U.S. IPOs, DJ Says
Edwin Chan - Bloomberg
China will propose new regulations to block companies with large amounts of sensitive consumer data from floating shares in the U.S., Dow Jones reported, citing people familiar with the matter. China's stock market watchdog has told companies and investors the envisioned rules will prohibit firms from listing abroad, particularly those seeking a foreign IPO via overseas-incorporated entities. Sectors with less sensitive information, such as pharmaceuticals, remain likely to win approval for an IPO, Dow Jones reported.
/bloom.bg/3t4GJAR
Biden Says Cybersecurity Is the 'Core National Security Challenge' at CEO Summit
Dustin Volz and David Uberti - WSJ
Mr. Biden highlighted estimates that roughly half a million cybersecurity jobs in the U.S. are currently unfilled and stressed the private sector needs to do more to safeguard digital systems from criminal and state-backed hackers and spies. "The federal government can't meet this challenge alone," Mr. Biden said. "I've invited you all here because you have the power, the capacity, and the responsibility, I believe, to raise the bar on cybersecurity."
/on.wsj.com/3kATlvI
Interview: "Cybersecurity is a moving target that requires skill-based training," said RVRaghu of Versatilist Consulting India.
Mark Jaction - Texas News Today
In an interview with TechGraph, director of Versatilist Consulting India and former ISACA board member, RVRaghu Cyber ?security Spaces such as India.
/bit.ly/3znripJ
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| Cryptocurrencies | | Top stories for cryptocurrencies | London burning! 100,000 ETH up in smoke after Ethereum upgrade
Sam Cooling - Coin Rivet
As Ethereum 2.0 begins to materialise following the EIP-1559 upgrade, a jaw-dropping $315 million of ETH has been burned by the new mechanism, it has been revealed. In just the past week, the deposit contract addresses received a monumental 50,000 Ethereum (ETH) - valued at $155M - representing a significant rise in the number of interested investors.
/yhoo.it/3yobdi5
Investors Who Put Their Pennies in Coinbase Could Get Pinched; Cryptocurrency exchange Coinbase remains richly valued at a time of rising regulatory threats
Justin Lahart - WSJ
Coinbase COIN -3.21% Global's stock valuation is predicated on a view that cryptocurrencies will only gain in popularity and acceptance in the years ahead. Regulators could have a thing or two to say about that in the coming months.
/on.wsj.com/3jrZD1n
Bitfinex Derivatives To Launch Sushi (SUSHIF0:USTF0), Terra (LUNAF0:USTF0) Perpetual Swapsk
Mondovisione
Bitfinex Derivatives* offers a derivatives platform accessible through Bitfinex, a state-of-the-art digital token trading platform. Bitfinex Derivatives has today announced the launch of perpetual contracts for Sushi (SUSHIF0:USTF0) and Terra (LUNAF0:USTF0).
/bit.ly/2WymsYc
CryptoCompare's Digital Asset Management Review - A Monthly Report Covering The Most Innovative Institutional Products In The Industry August 26, 2021
Mondovisione
The August edition of CryptoCompare's Digital Asset Management Review is now live. This monthly report provides readers with an in-depth look at the key developments in the global digital asset investment product landscape.
/bit.ly/3jmeXfS
Crypto Industry Heavyweights, Dr Jane Thomason And Hartej Sawhney, Join The Advisory Board At DeFi infrastructure project
Mondovisione
TheStandard.io, a new DeFi infrastructure project which aims to provide a bridge between traditional physical investments and digital assets has appointed two high-profile crypto industry figures to their Advisory Board - Dr Jane Thomason and Hartej Sawhney.
/bit.ly/2WoSVjs
Valkyrie Bitcoin Futures ETF Could be First Considered by SEC
Nicholas Pongratz - BeInCrypto
Valkyrie Investments may become the first to have its Bitcoin exchange-traded fund (ETF) assessed by the U.S. Securities and Exchange Commission (SEC). Although Valkyrie also filed for a physically-backed Bitcoin ETF in March, it wasn't the first to do so. However, the Nashville, Tennessee-based firm sought regulatory permission for a futures-based fund two months ago. This likely makes it the first company to do so, long before others followed suit.
/yhoo.it/3BindDD
Citigroup Is Awaiting Regulatory Approval To Trade CME Bitcoin Futures: Report
Samyuktha Sriram - Benzinga
What Happened: Wall-street banking giant Citigroup Inc (NYSE: C) is reportedly on the brink of trading Bitcoin (CRYPTO: BTC) futures on the Chicago Mercantile Exchange (CME)
/yhoo.it/3Bm58ET
Crypto Doesn't Have to Enable Tax Cheats; There's no technological barrier to complying with tax laws.
Alexis Goldstein - Bloomberg
Cryptocurrency advocates are waging a battle against legislation — part of the infrastructure package now in Congress — aimed at curbing tax evasion in the rapidly growing market. Crypto enthusiasts such as Twitter CEO Jack Dorsey, employing a combination of jargon and threats to move overseas, are seeking to create the impression that this innovative technology is somehow ill-suited to meeting the tax-reporting requirements that apply to traditional banks and brokerages.
/bloom.bg/3gD6jYA
Nomura Offers Pizza and Pasta for Tradable Crypto Tokens
Takashi Nakamichi - Bloomberg
Japan's biggest brokerage has started offering subscriptions to a luxurious Italian food delivery service, where customers can use tokens to buy and trade dishes as their value fluctuates.
/bloom.bg/3gCnI3I
Bitcoin Helped Tank El Salvador Bonds. Now They're Rising Back.
Maria Elena Vizcaino - Bloomberg
Bonds halt rout, become world's second best in past two weeks; Investor says selloff 'got to a point where it was ridiculous'
The crypto-crazed crowd is a big fan of El Salvador President Nayib Bukele, a fellow traveler who is making Bitcoin an official currency of his nation. The bond market has started warming up, too.
/bloom.bg/3gWxq11
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| Politics | | An overview of politics as it relates to the financial markets | Michel Barnier makes bid for French presidency; EU's former Brexit negotiator latest in long list of centre-right candidates hoping to beat Emmanuel Macron in 2022
Victor Mallet - FT
Michel Barnier, the EU's Brexit negotiator for four years and a former French minister, has become the latest centre-right politician to publicly throw his hat into the ring for next year's presidential election with a promise to reconcile what he called a divided nation.
/on.ft.com/2WvW5SL
Political and economic worries dent confidence in Brazilian markets; Stocks and currency have pulled back from recent highs as analysts see 'increase in risk'
Michael Pooler and Bryan Harris - FT
Investor sentiment in Brazil has been knocked by rising political tensions together with concerns over the recovery and public spending in Latin America's biggest economy.
/on.ft.com/3gWBHl5
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Orders Idaho Man to Pay $150,000 for Registration Violation and Violations of Commodity Pool Operator Regulations
CFTC
The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against Cody Malosi Wilson of Idaho Falls, Idaho for failing to register as a commodity pool operator (CPO) and failing to comply with CFTC regulations regarding CPOs. The order requires Wilson to pay a $150,000 civil monetary penalty and to cease and desist from any further violations of the Commodity Exchange Act (CEA) or CFTC regulations, as charged.
/bit.ly/2Woq6DK
SEC Charges Underwriter and Its Former CEO With Misconduct In Muni Bond Tender Offer
SEC
The Securities and Exchange Commission today instituted settled charges against Crews & Associates Inc., an Arkansas-based broker-dealer, and its former CEO, Rush F. Harding III, for unfair dealing in connection with a municipal bond tender offer.
/bit.ly/3zmtPjK
Parliamentary Joint Committee on Corporations and Financial Services - Opening statement - 27 August 2021
ASIC
Good morning Chair and Committee members. I am joined by Deputy Chairs Karen Chester and Sarah Court, and Commissioners Cathie Armour, Sean Hughes and Danielle Press. Also appearing with us is ASIC's Chief Operating Officer Warren Day, General Counsel Chris Savundra and Executive Director of Strategy Greg Kirk.
/bit.ly/3sSPP3j
Former Queensland financial adviser faces criminal charges for breaching ASIC banning order
ASIC
On 27 August 2021, Mr Lawrence Toledo of Coorparoo, Queensland, appeared in the Brisbane Magistrates Court charged with three breaches of a financial services banning order.
/bit.ly/3jkugFC
FinCEN and CFTC Reach Groundbreaking $100 Million AML Settlement with BitMEX; Government Alleges Systemic and Deliberate AML Failures
Ballard Spahr LLP via JD Supra
Filings Describe Tools for CVC Exchanges to Use for Customer Due Diligence and Transaction Monitoring
The Financial Crimes Enforcement Network ("FinCEN") and the Commodity Futures Trading Commission ("CFTC") announced on August 10 (here and here) settlements with the operators of the BitMEX cryptocurrency trading platform for alleged anti-money laundering ("AML") violations under the Bank Secrecy Act ("BSA"), and for allegedly failing to register with the CFTC. More specifically, FinCEN's assessment of a civil monetary penalty and the CFTC's consent order both involved the five companies operating the BitMEX platform: HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited (collectively, "BitMEX").
/bit.ly/3DmHw4y
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Inflation-Wary Germans Are Loading Up on Gold
Eddie Spence - Bloomberg
Bullion dealers say demand remains strong on inflation hedge; Still, gold prices have been pressured by Fed taper concerns
Many gold investors might be fretting over the prospect of the Federal Reserve curbing monetary stimulus, but Germans are still loading up. Demand for physical bullion in Germany, traditionally the biggest coin and bar buyer in Europe, was the highest since at least 2009 in the first half, World Gold Council data show. While purchases in other Western markets have also been strong, Germans in particular are pouring into the metal as a hedge against rising inflation -- and dealers say business remains good.
/bloom.bg/3Bjc6KS
Robinhood's Generosity Isn't Cheap for Shareholders
Investors are paying a big premium for shares of the free-trading pioneer, whose biggest growth is now coming from crypto
Telis Demos - WSJ
The stock-trading frenzy seems to be calming down for some of Robinhood Markets HOOD -1.67% ' customers. The same comedown could happen to its shareholders at current prices. After an extraordinary period that helped propel the company to a public listing, Robinhood's stock-trading activity is no longer surging. Daily average revenue trades in equities not only dropped from the huge first quarter but they were flat from the second quarter a year ago, even as Robinhood added well over 10 million accounts in that time span.
/on.wsj.com/2XUQK7X
Forbes Agrees to Go Public Through Merger With Magnum Opus SPAC
Rick Clough and Gillian Tan - Bloomberg
Combined company to have implied equity value of $630 million; Agreement comes after BuzzFeed's earlier blank-check deal
News publisher Forbes Global Media Holdings Inc. agreed to go public through a merger with blank-check firm Magnum Opus Acquisition Ltd. as deal activity heats up in the media business. The combined company will have a pro forma equity value of $630 million, according to a statement Thursday. Forbes' management team will remain in place after the deal, which is expected to close in late fourth quarter 2021 or early first quarter 2022.
/bit.ly/3ykMew3
U.K. PLC Is on Sale, but Price Isn't Everything; American companies are vying to take over British ones such as Meggitt and Morrisons, but it doesn't mean the post-Brexit valuation gap of London-listed stocks is about to close
Jon Sindreu - WSJ
Corporate Britain is flying off the shelves in a sign that the U.K. is finally shaking off Brexit and Covid-19. Investors still need to remember that discounted stocks don't necessarily offer good value.
/on.wsj.com/3jnAAwo
A Fledgling Natural-Gas Exporter Has Become a Meme Stock; Charif Souki, a pioneer of America's shale-gas shipping industry, is connecting with young, internet-savvy investors who have taken an interest in his fledgling company
Collin Eaton - WSJ
Charif Souki has found a new tool in the race to build America's next shale-gas shipping hub: YouTube. From his home office in Aspen, Colo., the executive who built the first U.S. natural-gas export terminal sits in front of a crowded bookshelf to craft videos once a week for an audience of mostly young, internet-savvy individual investors who have collectively taken a big stake in his fledgling venture, Tellurian Inc. TELL -2.06%
/on.wsj.com/3mzshiV
Billionaire-Backed Stock Picker Says Bubble Talk Is for Boomers
Ronan Martin - Bloomberg
Blue Whale Capital's Yiu doesn't see repeat of dot-com crash; His top holdings include Google, Microsoft and Adobe
The co-founder of London-based Blue Whale Capital, which has made big consistent gains from Silicon Valley bets, has some advice for market veterans warning of another tech bubble: calm down and buy the dip.
/bloom.bg/3ymPXsU
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Dow CEO Warns of Price Tag on Clean-Energy Plans; Jim Fitterling says the chemical company supports net zero carbon targets, but warns against restrictions on natural-gas use
Christopher M. Matthews and Timothy Puko - WSJ
Dow Inc. Chief Executive Jim Fitterling wants to know how Congress plans to pay for a proposed move to zero-carbon emission electricity that he says could dramatically increase energy costs, especially if it restricts natural-gas use.
/on.wsj.com/3DkuhBw
Methane Spotted Leaking From an African Greenhouse Gas Hotspot; Five leaks were spotted by satellite this month over Algeria, a supplier of gas to Italy, France and Spain.
Paul Burkhardt and Aaron Clark - Bloomberg
A series of large methane plumes were detected by satellite near oil and gas fields, processing plants and pipelines in Algeria, which is among the world's top emitters of the potent greenhouse gas.
/bloom.bg/3gzuR4r
UBS, State Street Among Firms Whose Green Funds Miss Paris Goals
Saijel Kishan and John Ainger - Bloomberg
Most climate-themed funds reviewed didn't meet Paris targets; DWS Group is being probed by U.S. and Germany on ESG claims
Green funds sold by some of the world's biggest asset managers are failing to live up to the climate goals set out in the Paris Agreement, according to a review of the industry conducted by London-based nonprofit InfluenceMap.
/bloom.bg/2WtPqIV
IRS Pursues Promoters of Green Tax Breaks Worth Tens of Billions; A strategy long used by farmers and conservationists lures investors seeking shelters.
David Voreacos - Bloomberg
Jack Fisher has raised hundreds of millions of dollars pitching investors on real estate development projects that were never built. Fisher, an accountant-turned-developer, promoted projects such as the Preserve at Venice Harbor, near Hilton Head, S.C., where marketing illustrations showed houses on canals that evoked the famous Italian city. Instead of developing the land, he recruited investors to elaborate deals that provided them charitable tax deductions in return for donating easements for conservation. The Internal Revenue Service, however, suspects the deals may amount to tax fraud.
/bloom.bg/3DolxKD
Deutsche Bank's DWS Rejects Claims It Overstated ESG Assets
Steven Arons - Bloomberg
Asset manager saw shares slump 14% on Thursday on allegations; Former executive said firm overstated sustainability assets
Deutsche Bank AG's asset manager DWS Group hit back at claims that it overstated the amount of assets that comply with sustainability criteria after the news of probes by U.S. and German authorities into the allegations sent the shares plunging.
/bloom.bg/3gysQFV
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Bank of America Says Two Top Executives to Retire; Chief Operating Officer Tom Montag and Vice Chairman Anne Finucane will remain in advisory roles
Ben Eisen - WSJ
Bank of America Corp. BAC -0.26% announced its most significant executive shake-up in years with the retirement of two longtime senior leaders. Chief Operating Officer Tom Montag, who oversees the global markets and banking operations, will step down at the end of this year. Anne Finucane, a vice chairman and confidant of Chief Executive Brian Moynihan, will also leave her role. Both will stay on in advisory roles.
/on.wsj.com/3ykOvr5
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | A New Coal Mine for England Is Stirring Hopes and Fears; A mining company's proposal has largely been embraced locally as an economic stimulus, but climate concerns may shelve the idea.
Stanley Reed - NY Times
Britain has been getting out of the coal business for the past 100 years. The fuel that turned an island nation into a black-skied manufacturing giant during the Industrial Revolution has steadily been replaced by oil, natural gas and, increasingly in recent years, offshore winds and the rays of the sun.
/nyti.ms/3BhBTTz
How Nigeria Can Deepen the Capital Market Through Non-Interest Finance
Proshareng.com
Non-Interest finance products have played a critical role in the growth and development of the Nigerian capital market ecosystem. Mr. Akeem Oyewale, the CEO of Marble Capital, made this point while speaking on "Islamic Finance And the Investment Opportunities in the Capital Market" at a recent webinar.
/bit.ly/3DmMuhR
Poor Monsoon May Hurt India Oilseed and Cotton Output, NCML Says
Pratik Parija - Bloomberg
Production of oilseeds and cotton in India will probably drop this year as deficient monsoon rains in main growing areas have hit plantings, according to Siraj Chaudhry, managing director and chief executive officer of National Commodities Management Services Ltd.
/bloom.bg/3mHbPNw
China Plans Control of Tech Algorithms U.S. Can Only Dream Of
Zheping Huang - Bloomberg
Cyberspace administration makes 30-point proposal for changes; Companies affected could include ByteDance, Apple, Alibaba
Chinese regulators are seeking to implement far-reaching rules about the algorithms technology companies use to recommend videos and other content, claiming authority over internet services that governments like the U.S. have struggled to regulate.
/bloom.bg/3Bhdiy3
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| Miscellaneous | | Stories that don't quite fit under the other sections | Axel Springer to Acquire Politico; Acquisition of news website adds to German publisher's portfolio of U.S.-based media holdings
Benjamin Mullin and Dave Sebastian - WSJ
Axel Springer SE has agreed to buy Washington, D.C., publisher Politico, expanding the German publisher's portfolio of U.S.-based media holdings. The deal is valued at more than $1 billion, according to people familiar with the matter.
/on.wsj.com/3sT6Jin
After a shift to video, Vice Media lays off writers.
Katie Robertson - NY Times
A month ago, Vice Media announced a plan to reduce the number of text articles it publishes on Vice.com, Refinery29 and other Vice-owned sites by 40 to 50 percent as the company shifts its emphasis to video. On Thursday, Vice Media laid off more than a dozen employees, many of them writers and text editors.
/nyti.ms/3zpoaJI
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