| April 13, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Registration is open for the FIA's International Derivatives Expo (IDX) to be held June 19 to 21 in London at the Park Plaza Westminster Bridge London. The conference is moving from its recent home at The Brewery and The Jugged Hare pub to a spot across the river from Big Ben. Register by May 19 to get the early bird rates.
Oliver Wyman is the go to consulting firm in the financial services space, it would seem. UBS has hired them to help it with the Credit Suisse integration. LME hired Oliver Wyman to help it figure out its problems with the nickel trading suspension and a major clearing organization has reportedly hired them to help with a major technology overhaul that has run into cost overruns and development issues.
Marex today announced record 2022 results, citing successful execution of its growth strategy and proactive risk management. Marex said these factors and results position it well for 2023. I hope their crystal ball is right.
The U.S. Commodity Futures Trading Commission Office of Customer Education and Outreach, the SEC, and the CFPB are holding a one-hour webinar about "Spotting and Avoiding Financial Fraud" today at 2 p.m.
Yesterday we reported President Joe Biden signing a resolution ending emergency powers for the pandemic. In another sure sign the pandemic is over, Kelly Blue Book data showed average transaction prices for new cars fell below the manufacturer's suggested retail price (MSRP) for the first time in 20 months. Car prices had turned "red hot" after a pandemic-driven supply chain snag and an increased demand for cars, Reuters reported.
A quant who was credited with popularizing the mini has died. Not the e-mini, but the miniskirt. Fashion designer Dame Mary Quant, who was widely credited with popularizing the mini skirt, has died at the age of 93, Bloomberg reported.
Bloomberg is reporting that rents in Manhattan have reached a record high, even before the busy months of July to August. Some of those JP Morgan senior bankers who have to be in office five days a week now must need to get a place in the city again.
The Wall Street Journal has come out with a summer reading list that they call "The 14 Best Beach Reads (Even if You're Not at the Beach)." The Journal says, "For your summer reading enjoyment, this list offers new novels, memoirs, nonfiction and more."
I spent my afternoon yesterday at Roosevelt University at a symposium listening to senior thesis presentations from students in the Clearing Corporation Charitable Foundation Fellows program. JLN is in negotiations to have a student in the program join the JLN team as an intern and produce content for their senior thesis for us in the form of videos. The student would start in the fall. While the students are already getting stipends from the school for the fellows program, we would still pay them for the commercial element of the work they are doing. Thus, we are looking for potential sponsors for this work.
R.J. O'Brien is looking to hire a new Ethanol Operations Desk Analyst in Greenwood Village, Colorado.
My friend Dax P. Rodriguez is joining the advisory board at New Leaf Ventures.
Former CME Group executive Timothy J. Andriesen is starting a new position as managing director - Ag Sales at Marex.
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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FinanceFeeds Editor-in-Chief Nikolai Isayev has an exclusive apres-Boca video interview with CQG's Ryan Moroney and Kevin Darby in which they discuss the fintech firm's recent developments. You can find that here. JLN also interviewed Moroney and Darby at FIA Boca in March and our video will be coming out soon.~SR
Recordings are now available from the Regional Roundtable North America 2023 gathering of the United Nations Environment Programme Finance Initiative (UNEP FI). Held on March 1, 2023 in Toronto, the event gathered members of the sustainable finance community to discuss and define the future of sustainable finance in North America. Watch the recordings here.~SAED
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Amanda Hindlian of ICE talks with John Lothian News about the ICE culture for women, what's driving revenue growth, a crystal ball into SVB, and ESG products
JohnLothianNews.com
Amanda Hindlian, president of fixed income and data services with the Intercontinental Exchange, was interviewed by John Lothian News at the FIA International Futures Conference in Boca Raton, FL. Hindlian discussed the welcoming culture of ICE for women and the fortitude she gains from being surrounded by strong women leaders at ICE, like Lynn Martin, president, NYSE Group. She discussed ICE's investment in multiple trading platforms and how that is spurring growth in revenue.
Watch the video »
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Locking Up Journalists: A Sign of the Times?
Power Corridor
I will never forget the first time I was locked up and interrogated as a journalist. I would go through it more than once in my career, but the first time was the hardest and it affected the rest of my life - not just in how I felt about my work, but my overall sense of security. I was investigating human rights abuses on the Isle of Jersey, a UK Crown dependency and $2 trillion tax shelter.
/jlne.ws/3GGLd8J
***** Here is what I believe. You can't have free markets without a free press. You can't have a free press if journalists are being locked up. Support freedom of the press. Support free markets.~JJL
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Egg prices crashed 11% in March - and more relief may follow
Greg Iacurci - CNBC
Egg prices fell by almost 11% in March, the U.S. Bureau of Labor Statistics said Wednesday, following a 7% decline in February and delivering relief from record-high prices over the winter. The decrease is largely due to a recovery in egg production and weaker consumer demand, said Brian Moscogiuri, global trade strategist at Eggs Unlimited, an egg supplier.
/jlne.ws/3UEvAEA
**** Did prices crash? Really? A CNBC article from a month ago: Egg prices increased 70% over the last year-here's why. ~JB
***** Egg price rally finally cracks?~JJL
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US public broadcaster NPR leaves Twitter after spat with Elon Musk
Anna Nicolaou, Hannah Murphy and Oliver Barnes - Financial Times
Public broadcaster National Public Radio has decided to stop using Twitter, becoming the first big US news organisation to go silent on the platform, a week after a "state-affiliated media" label was added to its account. "NPR's organisational accounts will no longer be active on Twitter because the platform is taking actions that undermine our credibility by falsely implying that we are not editorially independent," chief executive John Lansing told staff on Wednesday.
/jlne.ws/3nZPT2Q
****** NPR does the right thing. Elon Musk is a compromised globalist. I know one when I see one. I am a bit of one myself, except I am not compromised in the same places Mr. Musk is.~JJL
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Wednesday's Top Three
Our top story Wednesday was the Chicago Tribune's obituary for Hardy Thomson Brumfield, the brother of Harris Brumfield and a former trader at the Chicago Board of Trade. Second was How Jamie Dimon became king of Wall St., from Yahoo! Finance. Third was our MarketsWiki page for Harris Brumfield
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MarketsWiki Stats
27,289 pages; 244,187 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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| Lead Stories | The U.S. Cracked a $3.4 Billion Crypto Heist-and Bitcoin's Anonymity; Federal authorities are making arrests and seizing funds with the help of new tools to identify criminals through cryptocurrency transactions
Robert McMillan - The Wall Street Journal
James Zhong appeared to have pulled off the perfect crime. In December 2012, he stumbled upon a software bug while withdrawing money from his account on Silk Road, an online marketplace used to hide criminal dealings behind the seemingly bulletproof anonymity of blockchain transactions and the dark web. Mr. Zhong, a 22-year-old University of Georgia computer-science student at the time, used the site to buy cocaine. "I accidentally double-clicked the withdraw button and was shocked to discover that it resulted in allowing me to withdraw double the amount of bitcoin I had deposited," he later said in federal court. After the first fraudulent withdrawal, Mr. Zhong created new accounts and with a few hours of work stole 50,000 bitcoins worth around $600,000, court papers from federal prosecutors show.
/jlne.ws/41rXANA
Inside the IRS's Shrinking Band of Wealth Hunters; Former auditors dish on truant taxpayers, decrepit tech and why $80 billion might not be enough to fix everything that's wrong.
Ben Steverman - Bloomberg
If you ever meet an off-duty Internal Revenue Service auditor, they probably won't admit where they work. "What do you do?" is "always a party killer," says former agent Elyse Katz. Best to keep it vague, she says, and hope that "accountant" is boring enough to move the conversation along to another topic. Few things make Americans more anxious than an IRS agent in their midst, even when the occasion is social rather than, say, an audit. It's the audit that inspires many people's fear of the agency, helping it poll as the least trusted of major federal departments. Last year, when President Joe Biden and congressional Democrats secured almost $80 billion in extra IRS funding across the next decade under the Inflation Reduction Act, it didn't take long for the agency's critics to raise the prospect of rampant nosiness, with Republican politicians claiming that an army of 87,000 armed agents would soon be poking through Americans' finances.
/jlne.ws/3KY4STS
IBM Explores Sale of Weather Business; Weather.com owner could fetch more than $1 billion in a sale
Laura Cooper and Lauren Thomas - The Wall Street Journal
International Business Machines Corp. is exploring a sale of its weather operation, according to people familiar with the matter, as the technology company seeks to streamline its operations. An auction of the business is at an early stage, the people said, and there may not be a deal. Should there be one, private-equity is most likely the buyer in a deal that could be valued at more than $1 billion, the people said.
/jlne.ws/4078eZp
LCH SA to launch UK's first centrally cleared trading venue for digital asset derivatives with GFO-X; The two firms will provide clearing on cash-settled digital asset index derivatives with launch expected in Q4 2023.
Wesley Bray - The Trade
Institutional-grade digital assets trading venue GFO-X has entered into a strategic partnership with LSEG's LCH SA to launch the UK's first centrally cleared trading venue for derivatives in this space. At launch, GFO-X will offer trading in cash-settled BTC index futures and options.
/jlne.ws/43vhSHR
IEX Exchange enhances 'Crumbling Quote Indicator' to further protect investors amid volatile market conditions; New version, named The Signal, will bring a new level of performance for pegged orders on IEX Exchange.
Wesley Bray - The Trade
IEX Exchange has introduced a new version of The Signal, also referred to as the Crumbling Quote Indicator, a predictive model which targets adverse price changes and powers the exchange's protective order types. According to the exchange, The Signal is designed to predict imminent changes to the National Best Bid/Offer (NBBO) and allow order types including D-Peg and P-Peg to react positively to unstable market conditions.
/jlne.ws/3KW5l98
Swiss Regulator Was in the Dark on Credit Suisse-SEC Probe; Regulator Finma says hadn't known seriousness of SEC concern; Details of SEC probe helped accelerate Credit Suisse downfall
Bastian Benrath - Bloomberg
Swiss banking watchdog Finma said it had previously been aware of queries raised by the US Securities and Exchange Commission into Credit Suisse Group AG's control procedures but learned their full seriousness only last month, shortly before the postponement of the bank's annual report. The delay of the publication helped accelerate the collapse in confidence in Credit Suisse that ultimately led to the state-brokered takeover by UBS Group AG announced on March 19. The regulator didn't specify when it had been first informed of the correspondence between the bank and the US authority.
/jlne.ws/3zSwhAz
SEC Advisory Group Backs Gensler's Crypto Efforts but Asks for Industry Guidance
Jesse Hamilton - CoinDesk
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler got further reinforcement for his quest to force crypto firms to conform with existing securities laws when his agency's Investor Advisory Committee backed him up on almost every aspect of his campaign except one: The committee requested that the SEC actually provide formal industry guidance.
/jlne.ws/43rSm6u
Marex open to US listing in latest blow to London stock market
Harry Dempsey - Financial Times
Commodity broker Marex is considering listing in New York as it looks to revive its plans for an initial public offering, in the latest sign that the London stock market is losing its lustre. The London-headquartered group cancelled a listing in the UK capital in 2021 with a targeted valuation of between $650mn and $800mn, but is now assessing both cities for a share sale that could take place early next year if market conditions are appropriate.
/jlne.ws/3MFcAUh
Majority of Financial Services Firms Report Increased Compliance Expenditure - Survey Finds; The majority (76%) of financial services firms have increased compliance expenditure over the past year, according to the Annual Compliance Health Check Report from SteelEye, the firm behind the first and only truly integrated surveillance solution.
Finance Feeds
Heightened regulatory scrutiny across financial services last year, as demonstrated in SteelEye's fine tracker which showed record penalties issued by regulators in 2022, meant that firms were under intense pressure to meet compliance standards. In response, financial firms spent a large proportion of revenue to keep up with the complex regulatory landscape - with nearly a third of firms (27%) claiming that between 21% and 30% of their total expenditure was spent on compliance.
/jlne.ws/3KAyNQG
JPMorgan Internally Flagged Epstein's Large Withdrawals Years Before His 2008 Conviction, Lawsuit Alleges; In 2006, court papers say, bank staffers noted financier was withdrawing $750,000 a year in cash
Khadeeja Safdar and David Benoit - The Wall Stree Journal
JPMorgan Chase & Co. employees internally flagged Jeffrey Epstein's large cash withdrawals two years before he was convicted of soliciting a minor for prostitution, according to new court papers filed Wednesday. A JPMorgan risk-management team in 2006 noted that Epstein "routinely" made cash withdrawals of $40,000 to $80,000 several times a month, the U.S. Virgin Islands said in an amended lawsuit against the bank. At the time, Epstein was pulling more than $750,000 a year in cash from the bank, according to the lawsuit.
/jlne.ws/3MBeNAc
JPMorgan orders senior bankers to work 5 days a week in the office
Joshua Franklin - Financial Times
JPMorgan Chase is asking its managing directors to be in the office five days a week and warned other employees not to fall short of their "in-office attendance expectations". The move by the biggest US bank applies to its global workforce of roughly 294,000 employees and underscores how Wall Street is working to pull staff back to the office, having tolerated more flexible working following the Covid-19 pandemic.
/jlne.ws/3KUYDjJ
Jamie Dimon wasn't kidding about his hatred of remote work
Michelle Cheng - Quartz
JPMorgan Chase is asking its managing directors to come back to the office five days a week."Our leaders play a critical role in reinforcing our culture and running our businesses," the bank's operating committee reportedly wrote in a memo to staff announcing the new policy.
/jlne.ws/41tSMYl
Bankers refusing to return to the office will be punished, warns JP Morgan
Simon Foy - The Telegraph
JP Morgan has warned its investment bankers that they will be punished for failing to work in the office as it ordered its senior staff back to their desks five days a week. The Wall Street institution said some employees were still refusing to return to the workplace and failing to hit the bank's minimum office attendance target of three days a week.
/jlne.ws/3mtZZsm
Crypto Exchange FTX Could Reopen, Its Attorney Says; Firm's FTT Token Surges
Cheyenne Ligon - CoinDesk
FTX, the cryptocurrency exchange that collapsed spectacularly in November, is considering reopening at some point in the future as it navigates bankruptcy, its attorneys from Sullivan & Cromwell said in a court hearing on Wednesday.
/jlne.ws/3GBimmb
UBS Hires Strategy Consultants Oliver Wyman to Help With Credit Suisse Integration; Project expected to run for several years amid integration; UBS may need as much as four years to integrate Credit Suisse
Steven Arons - Bloomberg
UBS AG hired strategy consultant Oliver Wyman for advice on the takeover of Credit Suisse Group AG as it braces for job cuts and winding down unwanted businesses. The project will run for several years and likely result in steady and very substantial fee income for the firm, according to people with knowledge of the matter. Firms that had also pitched included Bain, Boston Consulting Group and McKinsey, the people said, asking not to be named discussing private information.
/jlne.ws/3KUjYKa
The U.S. Cracked a $3.4 Billion Crypto Heist-and Bitcoin's Anonymity
Robert McMillan - The Wall Street Journal
James Zhong appeared to have pulled off the perfect crime. In December 2012, he stumbled upon a software bug while withdrawing money from his account on Silk Road, an online marketplace used to hide criminal dealings behind the seemingly bulletproof anonymity of blockchain transactions and the dark web. Mr. Zhong, a 22-year-old University of Georgia computer-science student at the time, used the site to buy cocaine.
/jlne.ws/3KTIrzg
Bankrupt crypto exchange FTX has recovered $7.3 billion in assets
Dietrich Knauth - Reuters
Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company's attorney said on Wednesday at a U.S. bankruptcy court hearing in Delaware. FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried. Bankman-Fried has pleaded not guilty.
/jlne.ws/40kD80x
Andrew Bailey raises prospect of increased UK bank deposit protection; Bank of England governor suggests scheme does not function as intended, particularly for smaller lenders
Chris Giles and Laura Noonan - Financial Times
Andrew Bailey has said the Bank of England is working on a reform of Britain's bank deposit insurance guarantee scheme, raising the prospect of increased protection for customers. Speaking in response to high-profile bank failures on both sides of the Atlantic, the BoE governor suggested the UK might need to increase its limit for guaranteed deposits above the current £85,000 - which is far lower than the $250,000 level in the US.
/jlne.ws/41mE59i
Brussels prepares to strengthen regime for struggling banks; Move aims to safeguard taxpayers' money in event of lenders failing
Sam Fleming and Javier Espinoza, and Martin Arnold - Financial Times
Brussels is set to unveil plans to better shield taxpayers from bank failure by strengthening its rules for struggling lenders. The European Commission is in the process of finalising draft legislation that makes it easier to transfer depositors' cash to healthy institutions from troubled lenders, or to wind down a problem bank without drawing on taxpayers' money.
/jlne.ws/413bhDa
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | A new tool could make Russia pay for environmental damage in Ukraine
Svitlana Andrushchenko - Financial Times
The long-term costs to Ukraine's ecosystems caused by Russia's war are difficult to quantify but they are very real. Many observers believe the idea of receiving compensation for the damage might be even less realistic than confiscating frozen Russian assets to rebuild Ukraine. Yet there is a new mechanism available that could force Russia to pay for these environmental losses.
/jlne.ws/3zVewAz
Russia set to overhaul draft system, making it nearly impossible to avoid military conscription; The changes would help the Kremlin close loopholes that have helped thousands avoid the war in Ukraine.
Yuliya Talmazan - NBC News
Russian lawmakers on Tuesday voted to enforce an electronic draft system that would make it nearly impossible for men to avoid conscription, the latest sign that Moscow is preparing to boost a military struggling under Kyiv's fierce counterattack. The new system comes ahead of Ukraine's widely anticipated spring offensive. Currently, Russian men have to be served with paper conscription notices, delivered in-person at a registered address or place of work.
/jlne.ws/41nGkJt
Vladimir Putin may at last be glimpsing victory
Con Coughlin - The Telegraph
The precise veracity of the large cache of intelligence documents that have apparently been leaked from the Pentagon might be open to question, but there can be little doubt about the negative impact that they are having on Ukraine's war effort. Even if the release of the documents turns out to be part of a clever disinformation campaign by the Kremlin's cyber-trolls, it could nevertheless prompt Ukraine's high command to rethink its long-planned counteroffensive against Russian forces.
/jlne.ws/3KW9hH5
Sudan Charges Russian National in Gold-Smuggling Probe That Showed Power Feud
Mohammed Alamin and Simon Marks - Bloomberg
Sudanese authorities charged a Russian national with gold smuggling but dropped a probe into other employees of the local company and let processing resume at a facility it bought from a firm allegedly tied to the Russian mercenary Wagner Group.
/jlne.ws/3GFmgKT
Ukraine's Spring Offensive Just Got Harder; The bad news is that US spies doubt Kyiv's military, and the Western alliance is fractious. The good news is that Ukrainians have the stomach to fight.
Andreas Kluth - Bloomberg
I'm trying hard to stay optimistic about Ukraine's imminent spring offensive against the Russian invaders. But the recent news flow, though ambiguous, raises concerns. How strong are the Ukrainians, really, and will the Russians be able to exploit their weaknesses? And how cohesive is the alliance of Kyiv's supporters? If the Ukrainians can't break the stalemate soon, will their friends start drifting off?
/jlne.ws/3moWJ1H
UK Sanctions Abramovich, Usmanov Advisers Over Wealth Shielding; UK says Abramovich moved £760 million ahead of sanctions; Families of Russian billionaires accused of acting as proxies
Jonathan Browning and Courtney McBride
/jlne.ws/3KVPlEh
Naftogaz Claims $5 Billion Arbitration Victory Over Russia; Ukraine firm says Moscow must pay or risk asset seizures; Route to getting money could take years, may never be enforced
Volodymyr Verbyany
/jlne.ws/3KUjBPM
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME vs ASX: a cage match with only one winner; Terry Duffy's parents lent their child $50,000. He lost it all and more, and then built an amazing monopoly.
Nick Cummings - Intelligent Investor
In 1984, Terry Duffy borrowed $50,000 from his parents to join the Chicago Mercantile Exchange (CME). That got him access to the pit floor, where traders shouted and used funny hand signals to exchange futures contracts on global markets.
/jlne.ws/43uAYxN
ICE Benchmark Administration Provides Update on its Intention to Launch USD SOFR Spread-Adjusted ICE Swap Rate as a Benchmark
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA) plans to launch U.S. dollar (USD) SOFR Spread-Adjusted ICE Swap Rate for use as a benchmark in financial contracts and financial instruments by licensees on June 30, 2023.
/jlne.ws/43s7D7k
LSEG launches new retail trading service with Hudson River Trading and Stifel as first liquidity providers; New service is designed to support European retail brokers in meeting best execution obligations.
Annabel Smith - The Trade
The London Stock Exchange Group (LSEG) has launched a new retail trading service aimed at supporting European retail brokers in meeting best execution obligations and delivering price improvement. Named Turquoise Retail Max, the service is accessible through LSEG's Turquoise Plato Lit Auctions order book. Hudson River Trading and Stifel will be the first liquidity providers to use the service.
/jlne.ws/3UvsvGJ
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date March 31, 2023
Nasdaq
At the end of the settlement date of March 31, 2023, short interest in 3,429 Nasdaq Global MarketSM securities totaled 10,672,627,941 shares compared with 10,373,177,802 shares in 3,418 Global Market issues reported for the prior settlement date of March 15, 2023. The end of March short interest represents 2.68 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.72 days for the prior reporting period.
/jlne.ws/3zSI81o
IEX Exchange Updates Crumbling Quote Indicator
Editorial Staff - Traders Magazine
IEX Exchange has announced a new version of The Signal, also knows as the Crumbling Quote Indicator, a predictive model that targets adverse price changes and powers IEX Exchange's signature protective order types. The Signal is designed to predict imminent changes to the National Best Bid/Offer and allow order types including D-Peg and P-Peg to react advantageously to unstable market conditions.
/jlne.ws/3of7pA8
Updating the Signal for Today's Markets
IEX Exchange
This month we're introducing a new version of The Signal (a.k.a. Crumbling Quote Indicator), the predictive model that targets adverse price changes and which powers IEX Exchange's signature protective order types. The Signal is designed* to predict imminent changes to the National Best Bid/Offer (NBBO) and allow order types including D-Peg and P-Peg to react advantageously to unstable market conditions.
/jlne.ws/3GF6bVv
London Stock Exchange Group launches new trading service supporting best execution for retail brokers on Turquoise Europe
London Stock Exchange Group
LSEG (London Stock Exchange Group) today announces the launch of a new innovative trading service, Turquoise Retail Maxâ„¢. The service is designed to support European retail brokers in meeting their best execution obligations and deliver price improvement for end retail investors when trading pan-European securities. Turquoise Retail Max is available through Turquoise Europe, the pan-European trading platform majority owned by LSEG in partnership with the user community.
/jlne.ws/3mylzvO
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Exclusive Interview: CQG Executives Talk EMS/OMS With Broadridge, Equity Options, Algos, Security
FinanceFeeds
In the follow-up to FIA Boca 2023, the renowned derivatives industry conference that took place on 14-16 March at The Boca Raton, Florida, FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with CQG's Ryan Moroney and Kevin Darby to learn more about the fintech firm's recent developments. Ryan Moroney, CEO, and Kevin Darby, Vice President of Execution Technologies, spoke about the CQG-Broadridge partnership for a single out-of-the-box EMS/OMS solution, the rise of options trading, CQG's big bet on algo trading, how to use AI, and prioritizing security and systems reliability in today's macro environment.
/jlne.ws/3UsvNdX
Reddit is down, not loading content for mobile app users
Sergiu Gatlan - BleepingComputer
Reddit is investigating a worldwide outage that prevents users from accessing the social network's website on mobile apps. Users are reporting being automatically logged out when opening the mobile app and seeing several types of content loading errors, including "No Internet," "Sorry, please try again later," and "Let's try that again."
/jlne.ws/3ZYFthi
ION Markets connects LatentZero OMS to Trumid to deliver best execution; Integration will provide users with improved access to buy- and sell-side market participants, as well as increased access to liquidity and trading opportunities.
Wesley Bray - The Trade
ION Markets has connected its LatentZero order management system (OMS) to fixed income electronic trading platform Trumid. The integration between LatentZero OMS and Trumid will support all trading protocols from Trumid and is designed to deliver best execution by utilising automated technologies.
/jlne.ws/418iQZk
New Privacy Blockchain Namada Proposes First-Ever Shielded Airdrop to Zcash
Frederick Munawa - CoinDesk
Namada, a new blockchain that focuses on multichain privacy, has proposed an airdrop of its upcoming Namada staking token (NAM) to holders of zcash (ZEC), the cryptocurrency native to privacy-focused blockchain Zcash, according to a release shared exclusively with CoinDesk. This will be the first-ever direct airdrop to shielded ZEC holders - zcash users who choose to keep their transaction details private. They will not only be able to anonymously claim the NAM, but also receive more of it than transparent ZEC holders (who will also be recipients of the airdrop).
/jlne.ws/3o9xDnS
Blockchain Financial Services Firm Paxos Sets Withdrawal From Canada
Helene Braun - CoinDesk
Paxos, whose businesses include crypto brokerage and stablecoin issuance, is exiting the Canadian market, effective June 2, according to a posting on its website. While the posting doesn't mention boosted regulatory efforts, Canada did set a March 24 deadline for entities to commit to stricter requirements for crypto exchanges with a presence in the country. Some exchanges, including Coinbase and Gemini, have said they will remain active in Canada, while others such as OKX, dYdX and now Paxos, have decided to depart.
/jlne.ws/43nRbVL
Wisdom Tree, T. Rowe Price Among TradFi Firms to Test Avalanche's Blockchain Subnet
Lyllah Ledesma - CoinDesk
Financial Institutions including T. Rowe Price, Wisdom Tree, Wellington and Cumberland have joined layer 1 blockchain Avalanche's Evergreen subnet "Spruce" to make trade execution and settlements more efficient. Avalanche launched Evergreen Subnets earlier this month aimed at offering a suite of blockchain deployments and tooling for financial institutions.
/jlne.ws/41mCP6b
Securing the Chaos - Harnessing Dispersed Multi-Cloud, Hybrid Environments
Matt Wilson - Security Week
/jlne.ws/406rlTp
There's No Such Thing As An 'American-Style' Central Bank Digital Currency
Avik Roy - Forbes
/jlne.ws/3UBhNyn
Block partners with African crypto exchange Yellow Card
Ben Weiss - Fortune
/jlne.ws/405nk1h
T. Rowe to Test Avalanche Blockchain in Renewed Push on Wall Street; Firms explore possible efficiencies of blockchain application; WisdomTree, Wellington and Cumberland included in partnership
Muyao Shen - Bloomberg
/jlne.ws/3GEC3tc
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| Cybersecurity | | Top stories for cybersecurity | Government agencies urge 'revamp' of certain software to take cybersecurity burden off customers
Luke Barr - ABC News
U.S. and international government agencies are urging software manufacturers to "revamp" the design of certain software to take the burden of cybersecurity flaws out off of the customer. Historically, the Cybersecurity and Infrastructure Security Agency (CISA), the FBI, the NSA and a host of international law enforcement agencies say that "technology manufacturers have relied on fixing vulnerabilities found after the customers have deployed the products, requiring the customers to apply those patches at their own expense," according to an alert from the agencies released on Thursday.
/jlne.ws/3mzXPYj
Cybersecurity Funding Drops 58% From Q1 2022
Chris Metinko - CrunchBase
Although venture funding struggled mightily in the first quarter, funding to cybersecurity startups specifically remained relatively even quarter to quarter - although well below the highs of the past few years. Venture-backed startups in cybersecurity saw nearly $2.7 billion in the first quarter of the year, per Crunchbase data. That is a slight uptick from the $2.4 billion in the final quarter of last year, although it represents a 58% drop from the $6.5 billion such startups saw in Q1 2022.
/jlne.ws/3zSwMKX
Grooming cybersecurity sleuths with university education
MIT Technology Review
A concerted effort to groom a new generation of cybersecurity experts can bridge the skill gap. University courses and certifications can help young graduates find a rewarding career in cybersecurity. Learn from Infosys and Purdue University about their efforts in creating new cybersecurity professionals.
/jlne.ws/3KVBxth
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto's Ethereum Blockchain Completes its Key Shanghai Software Upgrade; Change enables the withdrawal of so-called staked Ether tokens; Ether and wider crypto markets take Shanghai update in stride
Olga Kharif and David Pan - Bloomberg
/jlne.ws/3GC7KU0
Warren Buffett Doesn't Mince Words About Bitcoin; The legendary investor has never been a fan of cryptocurrency; in fact, he's one of the concept's staunchest critics.
Luc Olinga - TheStreet
Bitcoin is in the midst of a renaissance. The most popular cryptocurrency in recent weeks has exited the crypto winter, a prolonged period of falling prices. The price of bitcoin exceeded what its investors consider the symbolic threshold of $30,000, a level the biggest cryptocurrency had not reached since June 2022. Prices were trading around $30,033 at last check, according to data firm CoinGecko. That reflects an 81% increase this year.
/jlne.ws/3MX4QNR
Large Bitcoin Investor Sent $330M in BTC to Bitfinex Exchange Before Price Dropped Below $30K: Blockchain Data
Krisztian Sandor - CoinDesk
A large bitcoin investor sent some $330 million in bitcoin (BTC) to crypto exchange Bitfinex on Wednesday, according to blockchain sleuth Lookonchain. According to Bitcoin blockchain data, the bitcoin "whale" transferred 11,000 BTC tokens to a Bitfinex wallet at a BTC price of $30,114. Whales are crypto investors who control large amounts of digital assets. Their purchases and sales can have a sizable impact on markets, thus crypto watchers closely follow their behavior to anticipate market movements.
/jlne.ws/406CFyP
Warren Buffett tears into banks, trashes bitcoin, and warns inflation and recession can lead to big problems
Theron Mohamed - Markets Insider
Warren Buffett called out deceptive banks, dismissed bitcoin buyers as gamblers, and warned inflation and recession pose serious risks to investors during a CNBC interview on Wednesday. The billionaire boss of Berkshire Hathaway also touted his massive bets on five Japanese companies, hailed Tim Cook and Apple, and said he was impressed by ChatGPT and similar artificial-intelligence tools.
/jlne.ws/3KVhFGR
Argentina's National Securities Commission Approves Bitcoin Futures; The agency authorized the regulation of a futures contract based on a bitcoin index of Matba Rofex, an Argentinian stock exchange.
Andres Engler - CoinDesk
Argentina's National Securities Commission (CNV) authorized the launch of a bitcoin (BTC) index-based futures contract on Tuesday, according to a statement. The contract is to be based on the bitcoin index of Matba Rofex, an Argentinian stock exchange, with negotiation and settlement in Argentinian pesos. "The measure adopted through a resolution is intended to adapt to the regulatory challenges imposed by new technologies for the provision of financial products," said the CNV.
/jlne.ws/3GBxwI0
Reddit is down, not loading content for mobile app users
Sergiu Gatlan - BleepingComputer
Reddit is investigating a worldwide outage that prevents users from accessing the social network's website on mobile apps. Users are reporting being automatically logged out when opening the mobile app and seeing several types of content loading errors, including "No Internet," "Sorry, please try again later," and "Let's try that again."
/jlne.ws/3ZYFthi
NFTs and the Enduring Allure of Digital Collectibles
Daniel Davis and Alexander Kim - Katten Muchin Rosenman LLP
/jlne.ws/3MIJtiW
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| Politics | | An overview of politics as it relates to the financial markets | World Bank staff were told to give special treatment to son of Trump official
Kalyeena Makortoff - The Guardian
World Bank staff were apparently told to give preferential treatment to the son of a high-ranking Trump administration official after the US Treasury threw its support behind a $13bn (£10bn) funding increase for the organisation, a leaked recording suggests. Shared with the Guardian by a whistleblower, the recording of a 2018 staff meeting suggests colleagues were encouraged by a senior manager to curry favour with the son of David Malpass, who is now president of the World Bank but at the time was serving in the US Treasury under Donald Trump.
/jlne.ws/3MX5mvh
One in four Americans now sees China as an enemy of the US
Mary Hui - Quartz
The US-China rivalry is no longer confined to the halls of power, but has spilled decisively over into the American public consciousness. And putting that genie back into the bottle is getting harder by the year, as new survey results from the the Washington, DC-based Pew Research Center suggest. One in four Americans now sees China as an enemy of the US, 4% higher than in 2021 and 3% higher than just before the Russia-Ukraine war broke out, according to Pew. About half of those surveyed see China is a competitor, while just 6% say China is a partner.
/jlne.ws/3KD0BnA
An Epic of Political Incompetence - and Redemption? Tim Bale's new book documents the damage that Brexit has inflicted on the Conservative Party.
Adrian Wooldridge - Bloomberg
Brexit has proved to be an equal opportunity wrecking ball. It has not only damaged the country, lowering the rate of growth and distracting attention from mortal threats like obesity. It has damaged the party that hatched the scheme in the first place.
/jlne.ws/41rEU0w
Paris Is Proving Hard to Resist for Big Banks; In the aftermath of Brexit's first act, the French capital continues to be a big winner-regardless of the garbage.
Sommer Saadi - Bloomberg
Most of the recent headlines out of Paris focus on strikes and protests. But underneath the heaps of rubbish that were piled up on the city's streets (and possibly again soon), is an increasingly important hub for global finance. In recent months, we've seen big banks like Goldman Sachs, Bank of America, Deutsche Bank and Citigroup expand their presence in the French capital, ushering in a new reality for the landscape of European banking.
/jlne.ws/3UAdy6r
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| Regulation & Enforcement | | Stories about regulation and the law. | Binance chief says unclear crypto regulation 'the worst'
Timmy Shen - Forkast
Changpeng Zhao, founder and chief executive officer of Binance, the world's largest cryptocurrency exchange, said that regulators need to come up with clear crypto regulations and should understand that the crypto industry is different from the traditional financial industry.
/jlne.ws/3UvmZ75
SVB failed from mismanagement, not loose regulations - FDIC official
Hannah Lang - Reuters
Management failures, not loose regulations, prompted Silicon Valley Bank's sudden failure last month, a top Federal Deposit Insurance Corporation (FDIC) official said on Wednesday. "Mismanagement of interest rate risk was at the core of SVB's problem," FDIC Vice Chairman Travis Hill said in his first public remarks since being sworn into the role in January. "There are numerous potential ways to encourage banks to better manage interest rate risk. We should evaluate any potential policy changes thoughtfully."
/jlne.ws/410N6VM
SEC's reforms to mutual funds will hurt investors; US regulator's proposals for mandatory swing pricing are ill-founded and unworkable
Eric Pan - Financial Times
Mutual funds have been foundational to American retail investing for almost a century. They democratised investing, presenting the first effective way for the middle classes to pool assets to achieve market returns. But the US Securities and Exchange Commission has proposed a reworking of how mutual funds are priced, bought, and sold - which threatens to permanently damage these products.
/jlne.ws/3GFxzmm
Federal Court Orders Florida Man and His Two Entities to Pay Over $16 Million for Fraud, Misappropriation, and Making False Statements to the CFTC
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of Florida entered a consent order against Damian Castilla on December 6, 2022, and an order for final judgment against DCAST Capital Investments LLC and Five Traders LLC on April 6. The orders resolve the CFTC's May 17, 2022 lawsuit and find the defendants liable for defrauding over 50 pool participants by fraudulently soliciting investments and misappropriating pool participants' funds.
/jlne.ws/3Kv6Iu3
Chairman Behnam to Participate in a Fireside Chat at the DeCenter Spring Conference
CFTC
Chairman Rostin Behnam will participate in a fireside chat at the DeCenter Spring Conference.
/jlne.ws/3GEdDAh
ISDA Response to FCA on Request for Feedback on UK EMIR Refit
International Swaps and Derivatives Association
On March 24, 2023, ISDA responded to the Financial Conduct Authority's (FCA) request for feedback on the proposed validation rules and XML schema under the UK European Market Infrastructure Regulation (EMIR) Refit. The FCA advised that feedback should focus on where the proposed UK EMIR validation rules and XML schemas differ from those of EU EMIR reporting.
/jlne.ws/3zUq9Yt
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Additional Trading Slices and Symbol Redistribution - Revised Schedule
BOX Options
This notice is being issued by BOX Options Market LLC ("BOX") to provide additional information regarding the introduction of four additional Trading Slices and associated symbol redistribution previously detailed in IC-2022-34 and IC-2023-02.
/jlne.ws/3MBr4V9
Goldman reshuffles trading executives after exit of top money spinner
Joshua Franklin and Ortenca Aliaj - Financial Times
Goldman Sachs has made several leadership changes in its global equities trading business following the departure of one of the division's biggest money spinners last month, the bank told employees in an internal memo on Wednesday. The staffing changes include Dmitri Potishko and Erdit Hoxha becoming co-heads of Goldman's global flow derivatives and emerging markets trading, the bank said in the memo, a copy of which was seen by the Financial Times. The bank confirmed the contents of the memo.
/jlne.ws/3zUqUAU
Big Bond Moves Before US Inflation Data Spur Fresh Questions on Leaks
Rachel Evans - Bloomberg
Bloomberg retracted a story published April 12 on the trading of Treasury futures ahead of CPI data. The reporting was based on data that was subsequently discovered to be inaccurate. We regret the error.
/jlne.ws/3KWMefp
US energy secretary signals plan to rebuild oil reserve; Crude prices jump after Jennifer Granholm says purchases could begin in second half of year
Derek Brower - Financial Times
US energy secretary Jennifer Granholm said on Wednesday that the federal government could begin buying oil to replenish an emergency stockpile later this year, "if it is advantageous to taxpayers".
/jlne.ws/3KyBeU6
Corporate and Municipal CUSIP Volumes Rise in March; Reverses Three-Month Downward Trend in Municipal CUSIP Request Volume
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2023. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found an increase in request volume for new corporate and municipal identifiers.
/jlne.ws/43G5wwW
I Bonds Lose Their Luster With Yield Set to Plunge Below 4%; The popular savings tools will pay an estimated 3.8% when issued next month, with the interest rate plummeting as inflation cools.
Charlie Wells and Claire Ballentine - Bloomberg
/jlne.ws/3mtH80z
SPAC PIPEs Sometimes Leak; Also Bed Bath & Beyond keeps selling stock, Twitter is X, FTX is looking into restarting and someone took over a company in a video game.
Matt Levine - Bloomberg
/jlne.ws/3UzOhcq
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Historic dry season rainfall slams South Florida, flooding key airport
Andrew Freedman - Axios
Heavy rain has slammed South Florida, flooding cars and buildings including Fort Lauderdale-Hollywood International Airport, which closed through "at least noon Thursday" as well over a foot of rainfall was recorded in some areas overnight. The big picture: Broward County Public Schools said the sixth-largest district in the U.S. would be closed Thursday after roads flooded and the National Weather Service warned in a rare "flash flood emergency" for areas near Hollywood, Dania Beach and Fort Lauderdale: "This is a life-threatening situation."
/jlne.ws/3obQTBj
The Next EV Push Is an Overhaul of the Iconic American School Bus; US school districts are eager to electrify their bus fleets, and billions of dollars in new funding is getting them started
Zahra Hirji and Denise Lu - Bloomberg
The American school bus of the future won't differ too much from its current iconic design: The wheels will still go round and round, the horn will go honk, honk, honk, and the wipers will swish, swish, swish. But if the transition from fossil fuels continues to accelerate, the engine won't go vroom, vroom, vroom. It won't make much noise at all, because it will be electric.
/jlne.ws/416yODd
The Case for Flying Cars as a Climate Solution; We could see a world of electric flying vehicles in the next decade, says Venkat Viswanathan, a Carnegie Mellon University professor who's worked with many leading battery startups.
Christine Driscoll and Akshat Rathi - Bloomberg
George Jetson, the character in the animated TV series The Jetsons, was born in a fictional 2022. By the time he reaches middle age, forty years later, people are zooming around in flying cars. Venkat Viswanathan thinks there's a "straight shot" from today to the technologies needed to build that future, despite all the jokes about flying cars being fantasy. The professor at Carnegie Mellon University is obsessed with building the batteries that will power these zero-emission aircraft.
/jlne.ws/404AWtM
Climate change compounding inequalities faced by women in agriculture, FAO says
Yanine Quiroz - Carbon Brief
Women working in agriculture "tend to do so under highly unfavourable conditions" - often in the face of "climate-induced weather shocks and in situations of conflict", a new report from the UN Food and Agriculture Organization (FAO) concludes. The report provides insight into women's participation in agrifood systems at every step of the chain, from production to consumption. It comes more than a decade after the last publication of its kind by the FAO.
/jlne.ws/3KBQVKb
BP buys stake in UK carbon capture project; Harbour Energy scheme aims to meet up to a third of Britain's annual target
David Sheppard - Financial Times
/jlne.ws/3o4kEUl
We Mean Business coalition calls on G7 to deliver just net-zero transition
Matt Mace - edie
/jlne.ws/40a87Mu
GRE Strategy Targets Real Estate Transition; New US sustainable real estate fund looks to transform "historically slow" adoption of energy transition technologies.
Jack Grogan-Fenn - ESG Investor
/jlne.ws/3mDmMC5
UAE climate event organisers warn speakers not to 'criticise corporations'
Aime Williams and Attracta Mooney - Financial Times
/jlne.ws/405ot95
More than 500 advertising and PR firms pledge not to work with fossil fuel companies; More than 500 advertising, PR and comms and recruitment agencies have now signed up to an industry campaign refusing to work with fossil fuel corporations.
Matt Mace - edie
/jlne.ws/3KXnbZw
'A new era': Global power sector emissions likely to have peaked in 2022, report reveals; Global greenhouse gas emissions from electricity generation are likely to have peaked last year, due to a steep uptick in renewables and only a minor and temporary resurgence for coal.
Sarah George - edie
/jlne.ws/43rYBXY
DWS Breaks ETF Records with New Climate Transition Fund
ESG Investor
/jlne.ws/3UAyda8
Glennmont Acquires Seven Solar Projects in Italy
Aaran Fronda - ESG Investor
/jlne.ws/405bog7
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | U.S. Bancorp to Install New CFO in Leadership Shuffle; John Stern, currently president of the company's global corporate trust and custody business, set to take over as CFO in September
Dean Seal - The Wall Street Journal
U.S. Bancorp plans to install a new chief financial officer later this year amid a broader reshuffling of its executive leadership team.
The Minneapolis-based parent company of U.S. Bank said Wednesday that it is promoting John Stern to become its senior executive vice president and head of finance this May, with a plan for him to take over as CFO in September. He is currently president of the company's global corporate trust and custody business.
/jlne.ws/43wEI24
The US is not "over-banked"; Not anymore, at least
Alexandra Scaggs - Financial Times
One common response to the US's regional-bank stress is that the country simply has too many banks. That argument, which implies that failures or buyouts of smaller banks won't matter, definitely used to be true. But it is easy for even the sharpest overseas writers and analysts to forget the US's large size and diffuse population, which make for a difficult comparison with G7 peers.
/jlne.ws/3GAJQIn
Royal Bank of Canada becomes top financier for fossil fuel industry; Canadian banks seen as 'lenders of last resort' for carbon-intensive companies and projects
Attracta Mooney, Camilla Hodgson and Patrick Temple-West - Financial Times
Royal Bank of Canada has emerged as the biggest financier of the fossil fuel industry in 2022, knocking JPMorgan from the top spot, as Canadian banks increasingly take on the role as the "lenders of last resort" for controversial carbon-intensive projects.
/jlne.ws/3moUI5D
WisdomTree faces revolt by largest shareholder; Tensions rise in dispute over strategy at US ETF manager
Chris Flood - Financial Times
WisdomTree's biggest shareholder is attempting to seize control of the board of the $90.7bn US asset manager with the aim of ousting both the chief executive and chair in an increasingly acrimonious dispute over strategy. Jonathan Steinberg, WisdomTree's founder and chief executive, is planning to launch a blockchain-enabled digital assets platform this year but his plans are opposed by Graham Tuckwell, the largest shareholder, who argued that the company should focus on its core fund management business and on improving its operational performance.
/jlne.ws/3mAXxQP
JPMorgan Compliance Urged Bank to Drop Epstein, Revised USVI Suit Showsl; Amended complaint in case cites recent Mary Erdoes deposition; Compliance staff noted 'lots of smoke' around Epstein in 2011
Ava Benny-Morrison - Bloomberg
/jlne.ws/43vkLbH
HSBC's London Office Shortlist Includes Former Goldman Sachs HQ; Other options include BT Group's former HQ near St Paul's; HSBC's lease at its Canary Wharf skyscraper expires in 2027
Ellie Harmsworth and Jack Sidders - Bloomberg
/jlne.ws/3KYhlau
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | IBM Considering Sale of Unit that Owns Weather Channel, Weather Underground
Brody Ford - Bloomberg
International Business Machines Corp. is considering selling its weather business as the company continues to focus on software and cloud services. Big Blue is having early stage conversations about selling the weather unit with no deal imminent, according to a person familiar with the issue who asked not to be named discussing private matters. The discussions were reported earlier by the Wall Street Journal.
/jlne.ws/3MGyo1U
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Three Years Later, Covid-19 Is Still a Health Threat. Journalism Needs to Reflect That; Too much coverage minimizes the health risks researchers attribute to the virus
Kendra Pierre-Louis - NiemanReports.org (opinion)
In December 2020, before the rollout of the Covid-19 vaccine, when many chose to celebrate Thanksgiving in groups, which sent Covid cases soaring, The New York Times ran an opinion piece on why we should not shame people who traveled during the holidays. That these individualistic choices were burdening already overtaxed healthcare workers and causing people to die of preventable illnesses because they simply could not access care didn't merit a mention in the piece. This idea that we should not shame people for ignoring Covid recommendations - even when it was costing lives - became pervasive. So much so that in an early 2021 article I wrote for Slate about the social benefits of shame, I noted that, "regardless of how abhorrent a person's behavior is, apparently the worst thing you can do is shame them for it."
/jlne.ws/3GI55rV
It's time to end the five-day isolation guidance for covid
Shira Doron, Elissa Perkins and Westyn Branch-Elliman - The Washington Post Opinion
Thanks to vaccines, post-infection immunity and effective treatments for covid-19, most of society has returned to normal. The United States is set to end its public health emergency in May, and the World Health Organization has indicated it will also declare an end to the pandemic soon. But there is one lingering residual: the five-day isolation period following a covid diagnosis.
/jlne.ws/3KyzxGf
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Vietnam pledges to solve 'pain points' for tech start-ups and VCs; Rules to be eased on start-up financing as global volatility spooks investors
Lien Hoang - Financial Times
Easier regulations are on the horizon, Vietnam has told technology start-ups and investors, in contrast to the red tape that has grown amid the country's widening crackdown on corruption. Nguyen Duc Long, acting director of the country's National Innovation Center (NIC), said in an interview that Vietnam would revise Decree 38, which legally defines start-ups and venture capital and lets the government invest in start-ups. But he told Nikkei Asia it would be "more difficult" to change other rules, such as those on cross-border transactions in Vietnam, which strictly controls money sent abroad, including for stock listings.
/jlne.ws/3KTApXg
How China changed the game for countries in default; The fragile process for dealing with insolvent economies is now at risk of unravelling completely owing to a powerful and unpredictable force in sovereign debt
Robin Wigglesworth and Sun Yu - Financial Times
In October 2020, Zambia, struggling from an economic and financial crisis compounded by the Covid-19 pandemic, first missed an interest payment on its international bonds. Two and a half years later it remains in limbo, unable to resolve the default on most of its $31.6bn debts.
/jlne.ws/3MG2HWG
China Province Tells Beijing It Needs Help Solving Debt Problem
Bloomberg News
A Chinese province has told Beijing it needs help dealing with its debt problem, a sign of the strain caused by a collapse in land sales. An official think tank that carries out research for Guizhou said in a report this week that the debt problems confronting the government of the southwestern province urgently needed attention, but solutions were "exceptionally difficult to advance due to the limited financial resources."
/jlne.ws/3mnzgxS
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| Miscellaneous | | Stories that don't quite fit under the other sections | Ex-Barclays chief Jes Staley discussed 'human trafficking' claims with Epstein, lawsuit alleges
Telegraph reporters
Former Barclays chief executive Jes Staley discussed allegations of "human trafficking" with Jeffrey Epstein while the late paedophile financier was a client of JP Morgan, new court filings have alleged. Mr Staley, who worked at JP Morgan for more than 30 years and was formerly its private banking chief, discussed claims of "human trafficking" by Epstein with him in 2011 and was told "there was no truth to the allegations," according to an amended complaint filed Wednesday in federal court in Manhattan.
/jlne.ws/416CbK8
'Such Is Life' Lessons from SBF; Whenever I read another story about Sam Bankman-Fried, the disgraced founder and former chief executive of cryptocurrency exchange FTX, I cannot...
Fool.com
Whenever I read another story about Sam Bankman-Fried, the disgraced founder and former chief executive of cryptocurrency exchange FTX, I cannot help but think of a poignantly unnerving piece of short fiction by Willa Cather titled, "Paul's Case." In it, a young man embarks on a journey to escape the trivialities of life in pursuit of the exotic and extravagant. But they are experiences he cannot sustain and they eventually prove to be his undoing.
/jlne.ws/3zYwhit
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