| December 19, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today JLN has another video from our FIA Asia coverage, this one an interview with FIA General Counsel Allison Lurton. Lurton participated in a panel discussion that debated man versus machine titled "This house believes that Machine will replace Man in the future." You can find the interview with Lurton HERE.
During Friday's triple-witching closing, the NYSE executed its largest-ever closing auction, measured by notional value, with just over $142 billion in shares changing hands, NYSE reported on LinkedIn. The NYSE says the closing auction is typically the largest liquidity event of the U.S. trading day.
An article from The Wall Street Journal sheds light on the alarming consequences of rapidly melting ice on Mount Everest, resulting in heightened risks for climbers aiming to conquer the world's tallest peak. The report highlights a temperature increase across the Himalayas that is rapidly thinning the ice, in line with the global trend of accelerated glacier melting. These developments amplify the challenges faced on this iconic mountain, making future expeditions considerably more perilous.
If you have dreams of a white Christmas in the U.S., you might have to plan for another year. The latest temperature outlook, as provided by the Climate Prediction Center, anticipates above-average temperatures from December 20 to 26 across nearly the entire US, encompassing even Hawaii and a significant portion of Alaska, CNN reports.
Credit Agricole CIB is looking for summer interns. You can learn more and apply HERE.
Guy Melamed, CEO of Exberry, has penned a year-end blog post titled "2023: The Catalysation Of Transformative Change" as he reflects on the innovative changes of the past year.
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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The CME Group shared the Climate Markets Update from Carbon Pulse. The Dec. 18 report examines compliance, "Canada Announces Cap-And-Trade Plans For Oil And Gas Sector;" voluntary markets, "Country Negotiators Push Back On Article 6;" and finance, "Corporations Invest In Nature-Based Solutions." View the Carbon Pulse report on the CME website.
~SAED
Our most read stories from our previous edition of JLN Options were:
- Options Discovery Episode 27: Intro To Options On Futures; Larry Abrams, President Of Absolute Return Capital Management, Discusses Futures Options Trading and More With JLN's Asma Awass. from John Lothian News.
- JP Morgan and Baton Systems team up to expand CCP coverage for collateral management from TheTrade.
- One of Wall Street's biggest bears says the Fed is giving investors a good reason to be bullish in 2024 from MarketWatch. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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General Counsel Allison Lurton Reflects on the Impact of Technology on the Futures Industry Workforce at FIA Asia Conference
JohnLothianNews.com
At the FIA Asia Conference held in Singapore, Allison Lurton, general counsel and chief legal officer at FIA, shared her insights on the evolving landscape of the futures industry workforce in the face of advancing technology. The interview, conducted by Robert Lothian of John Lothian News, looked into crucial topics regarding automation, job displacement, and the role of human intelligence in a technology-driven world.
Watch the video »
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Intro To Options On Futures: Larry Abrams, President of Absolute Return Capital Management and former floor trader, Discusses Futures Options in this Options Discovery Full Interview.
JohnLothianNews.com
In this Options Discovery full interview, Asma Awass speaks with Larry Abrams, President of Absolute Return Capital Management. Larry addresses a variety of topics from his career, including his background as a floor trader as well as the non-profit organization he is currently involved in. Larry also gives more insight into the options on futures market, such as the benefits of these options, how they are different from stock options, volatility risk, and more. You can check out Absolute Return Capital Management here: https://www.arcapmgt.com/
Watch the video »
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The Other Side of Greenwich: Hunger Among the Hedge Funds; Home to a handful of billionaires, Greenwich is also struggling with thousands of people who face food insecurity.
Ella Ceron - Bloomberg
The drive through Greenwich, pearl of Connecticut's Gold Coast, can feel like a journey into 48 square miles of money. From back-country lanes around the exclusive Round Hill Club - past patrician estates, $5 million colonials, the Ferrari and Porsche dealerships, Saks and Hermès - to the Indian Harbor Yacht Club on the sound, Greenwich, celebrated hedge fund capital of the world, seems to drip with wealth.
/jlne.ws/484mlmP
***** The poor will always be with us. Who said that?~JJL
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The Oldest Businesses in the World Share Their Secrets; What does it take to stay open for the long haul-and not just for a few generations, but hundreds if not thousands of years?
Angela Serratore - Bloomberg
The average American business closes shop after about 21 years. (Spare a thought for those enterprises in the back half of the bell curve, which never reach the legal drinking age.) Some businesses, though, last longer-a lot longer. Take Kongo Gumi, a Japanese construction company founded in 578 A.D., or Santa Maria Novella, an Italian pharmacy that's been perfuming the elite since Michelangelo was decorating ceilings. Here are some longevity lessons from businesses with more than ample experience.
/jlne.ws/41s7MHm
******There is a difference between the world's oldest businesses and the world's oldest profession.~JJL
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Monday's Top Three
Our most read story yesterday was CNN's, OpenAI's technology is upending our everyday lives. It's overseen exclusively by wealthy, White men. Second was Bloomberg's Bond Market, Not Banks, Dominates a World of Looser Lending and third was the Financial Times' story, BP pauses oil shipments through Red Sea after rebel attacks.
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| Lead Stories | Your Money May Not Survive a Quantum Heist; Not even supercomputers can crack the codes at the heart of digital cash. But that protection may fade as technology evolves.
Andy Mukherjee - Bloomberg
As your credit card is scanned one final time this holiday season, say thanks to prime numbers for keeping the checkout queues short and your money safe. Well, most of the time anyway. Much of the cryptography that goes into beating credit-card fraud comes down to 3,5, 7 ... 197, integers that can only be divided into themselves and 1. Banks randomly generate two very large primes - say, 150 digits long - and use their product to encrypt the payment authorization from the microchip of your card to the point-of-sale terminal.
/jlne.ws/3TOzaO7
Wall Street's New Blockchain Apps Face Real-World Test in 2024; More and more big banks deployed the technology in past year; Now blockchain use has to scale across settlement, payments
Anna Irrera and Olga Kharif - Bloomberg
Cryptocurrency firms may still be licking their wounds, but a slew of major financial companies including JPMorgan Chase & Co, HSBC Holdings Plc and Franklin Templeton are flipping the switch on new systems built around blockchain, marking an acceleration into 2024. In the past week, a blockchain technology company backed by Goldman Sachs Group Inc, UBS Group AG and Banco Santander processed the first payments through a platform that's been in the works for several years. Deutsche Bank AG's asset manager, DWS Group, said on Wednesday it had partnered with firms including market-maker Flow Traders, to set up a company that will issue a stablecoin.
/jlne.ws/3v3BaHU
SEC Claims 'Staggering' Fraud by Firm Hindenburg Called Out
Ava Benny-Morrison and Chris Dolmetsch - Bloomberg
Tingo Group, a financial technology company that was the subject of a short seller report, was sued by the US Securities and Exchange Commission for allegedly overstating its financial results in an ongoing fraud of "staggering" scope. Tingo and two related companies, Tingo International Holdings Inc. and Agri-Fintech Holdings Inc., have booked billions of dollars in false transactions through two Nigerian subsidiaries since 2019, according to the lawsuit, filed Monday in federal court in Manhattan. Tingo reported hundreds of millions of dollars in fake revenues and assets, the SEC alleges.
/jlne.ws/3RlLYIA
LME plans new metals contracts using ShFE prices -sources
Pratima Desai and Siyi Liu - Reuters
The London Metal Exchange (LME) is planning to launch new metals contracts using prices from the Shanghai Futures Exchange (ShFE), three industry sources familiar with the matter said, further increasing China's influence on global metals markets. Collaboration between the 146-year-old LME and ShFE was mentioned briefly by LME's Chief Executive Matthew Chamberlain in October at the annual LME Week dinner, without any detail.
/jlne.ws/477ayTJ
US court approves order for Binance to pay $2.7 billion to CFTC
Kanishka Singh - Reuters
A U.S. court entered an order against crypto exchange Binance and its former CEO, Changpeng Zhao, approving billions of dollars in fines for money laundering following a case brought by the U.S. Commodity Futures Trading Commission, the agency said on Monday. Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, the agency said in a statement.
/jlne.ws/484ybgN
Federal Court Enters Order Against Binance and Former CEO, Zhao, Concluding CFTC Enforcement Action; Zhao to Pay $150 Million and Binance to Pay $2.7 Billion to CFTC
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Illinois has approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Changpeng Zhao and his companies Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited (together, Binance). In formalizing the settlement initially announced on November 21 [See CFTC Press Release No. 8825-23], the court finds Zhao and Binance violated the Commodity Exchange Act (CEA) and CFTC regulations, imposes a $150 million civil monetary penalty personally against Zhao, and requires Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC. The order also obligates Zhao and Binance to make certifications as to the existence, application, and efficacy of Binance's improved compliance controls, and permanently enjoins them from further violations as charged. [See CFTC Press Release No. 8680-23]
/jlne.ws/3vc9ala
The SEC attaches a string to Bitcoin ETFs-and investors will be the one to pay for it
Jeff John Roberts - Fortune
Bitcoin ETFs are finally coming to the U.S. in 2024 and, by all indictions, the first ones will hit the market sometime in mid- to late-January. But now that the long-standing issues of if and when are resolved, the hot question surrounding Bitcoin ETFs is how exactly they will work-and, for now, the SEC is insisting on a process that doesn't make a ton of sense and will ultimately result in retail investors paying for added complication. More specifically, the agency wants to bar the would-be ETF issuers from using Bitcoin for in-kind redemptions, and instead carry out these transactions with cash.
/jlne.ws/3TvtjwX
How Swiss authorities bungled Credit Suisse oversight
John O'Donnell, Stefania Spezzati and Elisa Martinuzzi - Reuters
About six months before Credit Suisse was sold to rival UBS in a weekend rescue, the head of the Swiss central bank wanted to inject 50 billion Swiss francs ($57.6 billion) into the lender and nationalise it, according to three sources with direct knowledge of the matter.
/jlne.ws/3TwchyB
Swiss financial watchdog calls for stronger powers after Credit Suisse crash
John Revill and Noele Illien - Reuters
Credit Suisse came close to imploding months before its eventual rescue, the Swiss financial regulator said on Tuesday in its first detailed account of the crisis, as it argued for stronger powers to oversee lenders in future. The regulator, FINMA, which has come under fire for its supervision of the bank, defended its role in the meltdown which eventually triggered the biggest rescue of a bank since the global financial crisis of 2008-2009.
/jlne.ws/48kUnmD
Wall Street's Tepid Bonuses for Traders Lumber Into Another Year; Firms may sweeten trader payouts by a few percentage points; But for many, bonuses are in rut after boom-and-bust cycles
Katherine Doherty and Hannah Levitt - Bloomberg
Wall Street's dramatic year of dealmaking drought, collapsing banks and job cuts is ending with a mere whimper for traders' bonuses. At JPMorgan Chase & Co., the overall bonus pool for its legions of traders will be close to flat compared with 2022, according to a person familiar with the matter. That's similar to Citigroup Inc., in the midst of its biggest restructuring in decades, where the pool will likely be little changed if not slightly down, another person said, asking not to be identified discussing private information.
/jlne.ws/475YX79
How Well Do You Know One-Letter Ticker Symbols? If X, the former Twitter, goes public, it might be able to snag a coveted single-letter symbol
Beth DeCarbo - The Wall Street Journal
In July, inventor-entrepreneur Elon Musk gave his social-media platform Twitter a new name: X. Why? "I like the letter X," Musk posted on the newly branded site. If X ever goes public, Musk may have a shot at getting the X ticker symbol. The current X holder is U.S. Steel, which announced on Monday that it was being acquired by Nippon Steel in a $14.9 billion deal.
/jlne.ws/482ePsQ
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ex-US, NATO officials call on Congress to pass new Ukraine aid
Reuters
More than 40 former top U.S. and NATO diplomats and defense officials on Monday urged Congress to approve new aid for Ukraine, warning that losing its war with Russia would be disastrous for Ukraine and threaten the security of the United States and its allies. The former officials - members of an informal network dedicated to bolstering the NATO military alliance and European security called the Alphen Group - issued their call in an open letter to Democratic and Republican leaders of the Senate and the House of Representatives.
/jlne.ws/3NAaYe7
Gas, drones and convict recruits: Ukrainian soldiers describe Russia's deadly surge on the frontlines
Nick Paton Walsh, Kosta Gak and Christian Streib - CNN
The front lines where Ukraine and its allies had hoped for a summer breakthrough now epitomize the bleak, dark winter ahead - of Russian resurgence and Kyiv's mounting losses. "As we like to say in the army, the plan was good on paper, but we forgot about the trenches," joked Ihor, a commander in the 15th National Guard. CNN is only using his first name to protect his identity for security reasons. Speaking with CNN deep in a command post in Orikhiv, in southern Ukraine, he is interrupted by panicked noises in the radio room.
/jlne.ws/3GR5bNE
Listening devices found in office of Ukraine's top general, Valery Zaluzhny
David L. Stern and Kostiantyn Khudov - Washington Post
Ukraine's military said Monday that listening devices were found in the offices of the country's top commanding general, Valery Zaluzhny, and other military officials but did not indicate who might have placed the bugs or what conversations might have been surreptitiously recorded.
/jlne.ws/478K5Vw
The UK and France reiterate that Russia's invasion of Ukraine must end in failure as US aid falters
Alex Turnbull - Associated Press
Britain and France reiterated their determination Tuesday that Russia's full-scale invasion of Ukraine ends in failure, with the U.K. foreign minister saying that Ukraine's allies must better leverage their economic might to vastly outmatch Moscow's war machine.
/jlne.ws/3Nyg6zC
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Elon Musk's X Under Investigation for Spreading 'Illegal Content' on Israel and Hamas in EU
Maxwell Zeff - Gizmodo
The European Union opened a formal investigation into Elon Musk's X on Monday examining the platform's role in spreading 'illegal content' around the Israel and Hamas war. X has come under fire recently for antisemitic content on the platform, losing a slew of advertisers in the process. "The European Commission has opened formal proceedings to assess whether X may have breached the Digital Services Act (DSA) in areas linked to risk management, content moderation, dark patterns, advertising transparency, and data access for researchers," said European regulators on Monday.
/jlne.ws/474tiTF
Israel pounds Gaza, Houthis vow more Red Sea attacks
Nidal Al-Mughrabi and Bassam Masoud - Reuters
Israel kept pounding the shattered Gaza Strip on Tuesday while Yemen's pro-Palestinian Houthi movement vowed to defy a U.S.-led naval mission and keep hitting Israeli targets in the Red Sea. Israel's campaign to eradicate Hamas militants behind an Oct. 7 massacre has left the coastal enclave in ruins, brought widespread hunger and homelessness, and killed nearly 20,000 Gazans, according to the Palestinian enclave's health ministry.
/jlne.ws/3TAevwT
Hamas's Cheap, Makeshift Drones Are Outsmarting Israel's High-Tech Military; The use of commercial UAVs rigged with bombs has exposed gaps in Israeli defenses
Marissa Newman - Bloomberg
It wasn't the eruption of rocket fire from Gaza that rattled soldiers at Israel's southern frontier on Oct. 7. It was the unusual hum overhead that they hadn't heard before. A fleet of drones that are available online for as little as $6,500 filled the skies above Israel's $1 billion border fence. They were rigged to carry explosives and knock out cameras, communications systems and remote-controlled guns, setting the stage for the unprecedented massacre.
/jlne.ws/41u323Q
US Announces New Task Force to Counter Houthi Red Sea Threat; Attacks called reckless, dangerous by US Secretary Austin; Austin also announces ministerial meeting to discuss threats
Iain Marlow, Courtney McBride, and Alisa Odenheimer - Bloomberg
US Defense Secretary Lloyd Austin announced a new maritime task force intended to protect commercial vessels traveling through the Red Sea from attacks by Houthi militants. "The recent escalation in reckless Houthi attacks originating from Yemen threatens the free flow of commerce, endangers innocent mariners and violates international law," Austin said in a statement Monday. "This is an international challenge that demands collective action."
/jlne.ws/4ar7jJo
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX to explore the development of Australia's first Carbon Exchange
ASX
ASX will be working with the Clean Energy Regulator (CER) to undertake exploratory work with the industry and regulators on the development of an Australian Carbon Exchange. It is intended to operate in a similar way to a securities exchange where Australian carbon credit units (ACCUs) can be traded, cleared and settled. ASX Managing Director and CEO, Helen Lofthouse said: "Demand for carbon credits continues to increase with government policy focused on emissions levels and corporates seeking to develop compliance measures and meet both regulated and voluntary emissions targets over the coming years.
/jlne.ws/46R1Cme
Cboe Canada Announces Planned Unification Of Its Canadian Operations
Cboe
NEO Exchange, MATCHNow, and other related Canadian regulated entities to be formally integrated into one corporate entity; Effective January 1, 2024, the amalgamation is expected to bring greater efficiencies and enhanced quality of service to customers; Cboe Canada plans to migrate the existing NEO trading platform to Cboe technology in the first quarter of 2025. Cboe Canada today announced receipt of all necessary approvals to formally unify its Canadian operations by bringing together the NEO Exchange and the MATCHNow alternative trading system (ATS), along with other related Canadian regulated entities, into one corporate entity under the umbrella of Cboe Canada, effective January 1, 2024.
/jlne.ws/3Tw0YGw
Notice Of Disciplinary Action
CME Group
#CME 22-1592-Bc; Effective Date 18 December 2023; Non-Member: Jaeho Lee; CME Rule Violations: Rule 539.A. Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited (in part) No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction.
/jlne.ws/484TzTh
Notice Of Disciplinary Action
CME Group
# NYMEX 22-1550-Bc Effective Date 18 December 2023; Member: Eagle Seven LLC; NYMEX Rule Violations: Rule 432.W. General Offenses (In Part)It shall be an offense: W. for any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.
/jlne.ws/3NyUYJE
Information and trading terminal Trade Radar of the Moscow Exchange has become available to clients
MOEX
The Moscow Exchange has provided access to the Trade Radar information and analytical trading terminal to all clients. The terminal combines modern technologies, a wide range of data, functionality, as well as many years of expertise of the Moscow Exchange Group employees. and its partners. Trade Radar provides users with the opportunity to timely receive the necessary financial market news, current and historical quotes of various assets, as well as reference data on securities issues in a single information interface. The terminal is equipped with advanced graphical analytics, allowing for technical analysis, and will be the optimal solution for traders and sales staff of financial institutions, liquidity management specialists, treasury employees, and representatives of professional participants in financial markets.
/jlne.ws/484SwTl
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple to Halt Watch Sales as It Prepares to Comply With U.S. Import Ban
Bradley Olson - The Wall Street Journal
Apple (AAPL) is set to halt sales of its smartwatch in the coming days as the company prepares to comply with a U.S. import ban stemming from a federal trade ruling over a blood-oxygen sensor on some versions of the device. The October ruling gave the Biden administration 60 days to review the decision, in which the U.S. International Trade Commission found that Apple violated patents in most new models of the Apple Watch since 2020. Apple said it is stopping watch sales to take pre-emptive steps in case the ruling stands. The ban would include the Apple Watch Series 9 and Apple Watch Ultra 2, the company said.
/jlne.ws/47ZQ2pd
Apple Races to Tweak Software Ahead of Looming US Watch Ban
Mark Gurman - Bloomberg
Apple Inc., just days away from a US ban of its smartwatches, is plotting a rescue mission for the $17 billion business that includes software fixes and other potential workarounds. Engineers at the company are racing to make changes to algorithms on the device that measure a user's blood oxygen level - a feature that Masimo Corp. has argued infringes its patents. They're adjusting how the technology determines oxygen saturation and presents the data to customers, according to people familiar with the work.
/jlne.ws/3v8vVqo
Chinese non-tech firms have also been scrambling to buy Nvidia GPUs as landscape designer reveals order
Che Pan - South China Morning Post
Beyond the familiar Chinese Big Tech firms, a host of smaller companies have been scrambling to snap up Nvidia graphics processing units (GPUs) to develop their artificial intelligence (AI) products amid an escalating tech war between Washington and Beijing.
/jlne.ws/41BdvuA
OpenAI Says Board Can Overrule CEO on Safety of New AI Releases
Rachel Metz - Bloomberg
OpenAI said its board can choose to hold back the release of an AI model even if the company's leadership has deemed it safe, another sign of the artificial intelligence startup empowering its directors to bolster safeguards for developing the cutting-edge technology.
/jlne.ws/41Bctic
AI Offers Banks New Ways to Repeat Old Mistakes
Paul J. Davies - Bloomberg
The extraordinary hype around artificial intelligence this year touched the finance industry, too, but most banks have been rightly cautious about jumping directly onto the bandwagon. In such a tightly regulated business, the costs of getting it wrong could be extreme.
/jlne.ws/486kH4c
AI Robot Outmaneuvers Humans in Maze Run Breakthrough
Saritha Rai - Bloomberg
/jlne.ws/3TwSWNL
IBM inks $2.3 billion deal to boost AI cloud offering
Steve Goldstein - MarketWatch
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| Cybersecurity | | Top stories for cybersecurity | SEC disclosure rule for 'material' cybersecurity incidents goes into effect: The controversial rule requires publicly traded companies to report such events to the agency within four business days.
Christian Vasquez - Cyberscoop
The headquarters of the Securities and Exchange Commission is seen in Washington, D.C., on Jan. 28, 2021. (Photo by Saul Loeb /AFP via Getty Images)
Publicly traded companies are now required to disclose "material" cybersecurity incidents to the U.S. Securities and Exchange Commission, after the new agency rule went into effect Monday. While the SEC's rule is aimed at providing investors with information on potential risks to replace the inconsistent disclosures of major incidents, the controversial rulemaking has garnered criticism from industry, Republican lawmakers and some cybersecurity experts.
/jlne.ws/3TwWvDD
6 stories that defined cybersecurity in 2023
Akshay Joshi - World Economic Forum
It's been a big year for cybersecurity news, and one that saw the largest-ever distributed denial of service attack. Here are some of the major cybersecurity stories featured on Agenda in 2023.
/jlne.ws/3Rrmw4F
Navigating The Cybersecurity Landscape In 2024: Anticipating Challenges And Opportunities
Emil Sayegh - Forbes
We can collectively acknowledge that 2023 was a momentous year, marked by remarkable progress and significant challenges in the realm of cybersecurity. As we set our sights on 2024, the cybersecurity landscape is on the cusp of substantial transformations characterized by mounting complexity, evolving threats, and an increasing acknowledgment of the necessity for sophisticated and integrated security solutions. Positioned at the crossroads of unprecedented technological advancements and escalating cybersecurity challenges, individuals and organizations alike must gear up for the journey ahead. Here, we present overarching cybersecurity predictions for 2024 that warrant attention from everyone in the field.
/jlne.ws/482kvDa
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| Cryptocurrencies | | Top stories for cryptocurrencies | Galaxy Digital targets more crypto bankruptcy asset sales after FTX deal; Funds under management at Mike Novogratz-led group triple to more than $5bn
Nikou Asgari - Financial Times
US billionaire Mike Novogratz's cryptocurrency group Galaxy Digital is hunting for more asset sales by bankrupt digital assets companies after a deal to sell coins held by FTX trebled its funds under management. Galaxy was chosen in August by administrators of the collapsed crypto exchange to sell, hedge and stake FTX's bitcoin and ether coins, as well as its holdings of Grayscale's bitcoin trust.
/jlne.ws/3GPxlsg
Newly filed Bitcoin ETF application targets ESG investors with carbon credits
Leo Schwartz - Fortune
On Monday, the asset manager 7RCC filed an application with the Securities and Exchange Commission for a new kind of Bitcoin ETF that would provide investors exposure to the popular cryptocurrency alongside carbon credits. As the SEC seems poised to approve the first batch of spot Bitcoin ETFs, the proposal from 7RCC represents a different approach that appeals to ESG investors, helping offset the environmental impact of the energy-intensive asset.
/jlne.ws/47b7g1r
Grayscale CEO Says SEC Should Allow Multiple Bitcoin ETFs at Once
Vildana Hajric and Katie Greifeld - Bloomberg
Investors of the Grayscale Bitcoin Trust would be hugely disadvantaged should US regulators not allow it to convert into a spot ETF at the same time that other applicants get the green light to list their products. That's according to Grayscale's Chief Executive Officer Michael Sonnenshein, who says the US Securities and Exchange Commission should bless multiple spot-Bitcoin ETFs at once.
/jlne.ws/3ROLtIL
WazirX volumes fall off a cliff amid India's crypto scrutiny
Manish Singh - TechCrunch
The trading volume at top Indian crypto exchange WazirX fell to $1 billion in 2023 as the platform faced intensifying regulatory pressure in its home market alongside a broader slump for digital asset prices -- and equities -- globally. The total volume of cryptocurrencies traded on WazirX's platform this year was down 90% compared to 2022, when volumes hit $10 billion and 97% lower than 2021's $43 billion.
/jlne.ws/3NDBeEv
BlackRock updates spot bitcoin ETF proposal to allow cash redemptions
Reuters
BlackRock (BLK.N) has updated its proposed filing for a spot bitcoin exchange-traded fund (ETF) to allow cash redemptions, in a move which could help it secure an approval from the U.S. Securities and Exchange Commission. A spate of filings for spot bitcoin and ether ETFs, including from traditional finance heavyweights, have revived the crypto market this year after a series of meltdowns in 2022.
/jlne.ws/48o6u2b
Concerns raised on crypto mining in Carbon County
Emily Allegrucci - WBRE
/jlne.ws/48gjW8A
This 'Crypto King' was accused of fraud and owes investors millions of dollars - but he's still 'living large' despite being forced into bankruptcy. Here are 3 legit ways to buy Bitcoin
Jing Pan - Moneywise
/jlne.ws/3toyd3Y
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| Politics | | An overview of politics as it relates to the financial markets | BlackRock sued by Tennessee over ESG strategies; US state's lawsuit is the latest Republican-led salvo against $9.1tn asset manager
Will Schmitt - Financial Times
BlackRock on Monday was sued by the US state of Tennessee, which accused the $9.1tn New York-based asset manager of violating consumer protection laws by misusing environmental, social and governance factors in its investment strategy. The lawsuit filed in state court by Tennessee attorney-general Jonathan Skrmetti alleged that BlackRock had been inconsistent in stating whether it focused exclusively on investment returns or whether it gave preference to ESG considerations.
/jlne.ws/3RwSsVr
Ripple, Coinbase, a16z Pledge $78 Million to Support Pro-Crypto Candidates in 2024 US Elections
Hope C - CoinMarketCap
The Fairshake political action committee (PAC) announced that major industry firms and individuals, including Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase, Kraken, Messari, and Andreessen Horowitz (a16z), have contributed $78 million to a substantial "war chest" to back candidates who advocate for American crypto and blockchain innovation, as well as responsible regulation, in the upcoming 2024 elections.
/jlne.ws/3tg5wGB
The most profound question raised by Trump's extreme rhetoric
Stephen Collinson - CNN
Donald Trump's extreme rhetoric reminiscent of Nazi propaganda and his penchant for siding with America's adversaries and autocrats pose a unique challenge to his Republican opponents and, ultimately, US voters. The ex-president, who has a good chance of being the next commander in chief, warned over the weekend that immigrants are "poisoning the blood" of the United States. And he parroted Russian President Vladimir Putin's attempts to discredit American democracy in his latest craven genuflection to the ex-KGB officer, who's been accused of war crimes.
/jlne.ws/3v3yZnI
Nikki Haley Gets $70 Million From Koch Group to Aim for Second Place; Conservative network is waging big-money battle to beat Trump; Volunteers descend on Iowa ahead of Jan. 15 Republican caucus
Stephanie Lai - Bloomberg
Tyler Raygor, campaign flyers in hand, went door to door through tidy Urbandale, Iowa, the other day with a hard-sell pitch: Vote for Nikki Haley. Door to door, the response was usually the same: no. Even the Koch political machine - one of the most powerful networks in US conservative politics, and the money behind Raygor's message - is struggling to change a few minds in Iowa.
/jlne.ws/3GLyMYV
The UK and Armenia Know the Dangers of Israel's Gaza War; Over-reliance on force ends in painful loss and concessions.
Marc Champion - Bloomberg
As Israel comes under growing international pressure to change its tactics and agree to a cease-fire in Gaza, its leaders have made clear they aren't interested. Foreign Minister Eli Cohen said the shift would hand a victory to terrorism, while Prime Minister Benjamin Netanyahu said he was "proud" to have blocked the creation of a Palestinian state alongside Israel, seen by allies as the prerequisite for any sustainable peace.
/jlne.ws/3NDDueX
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| Regulation & Enforcement | | Stories about regulation and the law. | Swiss financial regulator calls for tougher powers after Credit Suisse collapse; Finma report says it 'exhausted its options' in regulating scandal-plagued bank
Owen Walker - Financial Times
Switzerland's financial regulator has called for tougher powers to oversee banks after claiming it did everything it could to try to prevent the collapse of Credit Suisse this year.
/jlne.ws/4783eXV
Charting the path forward as agreement on Mifid II revisions nears; After five years in practice, the European regulators are on the final stretch to agreeing changes to certain aspects of Mifid II. Anne Plested, MCSI, EU regulation, ION Markets, delves into the key milestones and implications of the imminent decisions.
The Trade
Following Mifid II in January 2018, the European Commission put forward proposals in November 2021 to enhance market data transparency further, remove obstacles to establishing a European consolidated tape, and clarify the trading obligations. Slowly but steadily taking this forward, each of the three European co-legislators has since agreed on their negotiating positions, and the trialogues began in April 2023. It is a long, carefully debated process to arrive at a new set of rules to see markets through the next few years.
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Setting UK date for T+1 'makes no sense yet', as market struggles to find consensus; Letter from UK Accelerated Settlement Taskforce chair says lessons need to be learned from the US move in May, with final report delayed to Q1, as previously revealed by The TRADE's sister publication Global Custodian.
Chris Lemmon - The Trade
Charlie Geffen, chair of the UK Accelerated Settlement Taskforce, has detailed the challenges in finding a consensus on when the UK should make the switch to T+1. In a letter to market participants, Geffen acknowledges that the question is how and when the UK moves to T+1, rather than whether it should do so. "Few question that a key benefit of a move to T+1 would be the catalyst for the industry to invest in automation and to update systems and processes," he said.
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CFTC Approves Two Proposals and a DCO Application
CFTC
The Commodity Futures Trading Commission at its open meeting on December 13 approved the following proposed rules and a DCO application. Additional information on these rulemakings, including statements of the Chairman and the Commissioners, is available here.
Notice of Proposed Rulemaking: Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants
Notice of Proposed Rulemaking: Protection of Clearing Member Funds Held by Derivatives Clearing Organizations
Application of Bitnomial Clearinghouse, LLC for Registration as a Derivatives Clearing Organization
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Dissenting Statement of Commissioner Christy Goldsmith Romero on Bitnomial's Clearinghouse Application for a Bespoke, Vertically Integrated Cryptocurrency Market Structure
CFTC
The action we considered this week is precedential as it was the first Commission vote to approve a vertically integrated market structure,[1] an action on which I dissented. Bitnomial, a self-described small start-up,[2] applied to be a clearinghouse with a bespoke market structure-with the same parent company owning a CFTC-registered broker (futures commission merchant (FCM)) and exchange (DCM), as well as a trading firm that acts as a market maker and settlement facility that are not registered with the CFTC.[3]
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Statement of Commissioner Kristin N. Johnson: A Call For The CFTC To Begin A Formal Rulemaking to Address Vertical Integration
CFTC
Bitnomial Clearinghouse, LLC (Bitnomial Clearinghouse) seeks to register as a derivatives clearing organization (DCO) pursuant to Section 5b of the Commodity Exchange Act (CEA) and Part 39 of the Commodity Futures Trading Commission's (Commission or CFTC) regulations (Part 39). Long before the Commission began deliberation on this application, I advocated for the Commission to initiate a rulemaking process directly addressing the concerns arising due to vertically integrated market structures.[1]
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CFTC Divisions Issue Staff Advisory on Affiliations Among CFTC-Regulated Entities
CFTC
The Commodity Futures Trading Commission's Divisions of Clearing and Risk, Market Oversight, and Market Participants today issued a staff advisory on affiliations between a designated contract market (DCM), derivatives clearing organization (DCO), or swap execution facility (SEF) and an intermediary, such as a futures commission merchant, or other market participant, such as a trading entity. The advisory issued today reminds DCOs, DCMs, and SEFs that have an affiliated intermediary or trading entity, as well as the affiliated intermediary or trading entities themselves, of their obligations to ensure compliance with existing statutory and regulatory requirements with this affiliate relationship in mind.
/jlne.ws/475ozkz
Dissenting Statement of Commissioner Christy Goldsmith Romero on Rushed Rulemaking Related to FTX's Direct-to-Retail Market Structure
CFTC
This week, the Commission in a split vote, on which I dissented, approved the first proposed rule related to FTX's bespoke direct-to-retail market structure. That structure removed the intermediary (known as a futures commission merchant or FCM) where the CFTC's customer protection and anti-money laundering regimes sit. I believe that before my tenure, the Commission made a mistake in approving two clearinghouses (LedgerX owned by FTX before FTX's bankruptcy, and Nadex, which is now Crypto.com) for this direct-to-retail market structure before analyzing and addressing the risks of a lack of AML requirements, customer protections, and other checks and balances.
/jlne.ws/3GQOvGa
Statement of Commissioner Kristin N. Johnson: Closing a Gap, Preserving Market Integrity and Protecting Clearing Member Funds Held by Derivatives Clearing Organizations
CFTC
In the mid-1800s, my family migrated to a small town in the Midwest and founded businesses, acquired real estate and originated small loans to support entrepreneurs and businesses in the community.[1] As is true for all businesses, relationships and trust were key elements in the success of these businesses. Trust is the core issue that motivates today's notice of proposed rulemaking (Proposed Rule) regarding the protection of clearing member funds held by derivatives clearing organizations (DCOs) advanced by the Division of Clearing and Risk.
/jlne.ws/3GMoQOT
Statement of Commissioner Christy Goldsmith Romero: Advancing Cyber Resilience to Thwart the Continuously Changing Threat of Cybercrime and Protect Critical Infrastructure
Proposed Rule on Cyber and Operational Resilience
CFTC
Today we have before us our first proposed cyber and operational resilience rule that would apply to swap dealers (including banks) and futures commission merchants (FCMs). I'm excited to see the proposed rule up for vote today. I support the rule and thank the staff for their more than one year of hard work. I also thank all who engaged with us in an extensive collaborative effort. I also thank Chairman Behnam for entrusting me to help with this rule.
/jlne.ws/3v1Me89
Statement of Commissioner Kristin N. Johnson Regarding the CFTC's Notice of Proposed Rulemaking on Operational Resilience Program for FCMs, SDs, and MSPs
CFTC
Cyberattacks are an ever-increasing threat. The rising cost, frequency, and severity of cyber threats represent one of the most critical issues facing city, state, and federal government authorities, businesses in each sector of our economy, educational and philanthropic institutions, and significant energy and transportation infrastructure, and national security resources.
/jlne.ws/41xNGvd
SEC charges fintech Tingo chief with 'massive' fraud after Hindenburg short position; US regulator says it uncovered 'billions of dollars' of fictitious transactions through entities controlled by Dozy Mmobuosi
Aanu Adeoye and Akila Quinio - Financial Times
The US Securities and Exchange Commission has charged a Nigerian businessman who bid for an English Premier League football club with "massive fraud", alleging that he and his three companies inflated their financial metrics to defraud investors.
/jlne.ws/41qJptz
Coinbase Appeals SEC's Denial of Rulemaking Petition on Crypto Securities
Hope C - CoinMarketCap
Coinbase, a leading cryptocurrency exchange based in the U.S., is pressing ahead with its efforts to secure clear regulatory guidelines for cryptocurrencies classified as securities. Following the United States Securities and Exchange Commission's (SEC) denial of Coinbase's petition for rulemaking on cryptocurrency on December 15, the exchange promptly filed an appeal.
/jlne.ws/3v7htit
SEC Obtains Emergency Relief to Halt $191 Million Cattle Ponzi Scheme
SEC
The Securities and Exchange Commission today announced that it obtained a temporary restraining order, an asset freeze, the appointment of a receiver, and other emergency relief to halt an ongoing $191 million cattle Ponzi scheme being perpetrated by Agridime LLC, a Fort Worth, Texas company claiming to specialize in meat sales, distribution, and animal supply chain management, and its owners, Josh Link of Gilbert, Arizona, and Jed Wood of Fort Worth. The SEC alleges that the defendants diverted millions of dollars of investor funds to make Ponzi payments and to pay undisclosed sales commissions to themselves and others.
/jlne.ws/41qoWFn
SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Seeks Emergency Relief
SEC
The Securities and Exchange Commission today announced charges against Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three affiliated U.S.-based entities of which he is the CEO-Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.-in connection with an alleged multi-year scheme to inflate the financial performance metrics of these companies and key operating subsidiaries to defraud investors worldwide. The SEC is seeking emergency relief to prevent Defendants' continued dissemination of materially false information to investors and to protect corporate and investor assets.
/jlne.ws/3Tx0U9z
Cyber resilience good practice for firms
FCA
The FCA, Bank of England (the Bank) and Prudential Regulation Authority (PRA) have published the latest annual CBEST thematic report.
/jlne.ws/3tqLyca
ASIC highlights focus areas for 31 December 2023 reporting
ASIC
ASIC urges directors, preparers of financial reports and auditors to assess the impact of uncertain market and economic conditions when reporting for full and half-years ending 31 December 2023.
/jlne.ws/4alfPK9
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bankruptcies soar as high rates and end of Covid aid hit businesses hard; 'Zombie' firms lose lifeline as increased borrowing costs compound withdrawal of pandemic-era support
Valentina Romei - Financial Times
Corporate bankruptcies are increasing at double-digit rates in most advanced economies as borrowing costs rise and governments unwind pandemic-era measures to support business worth trillions of dollars. Following a decade of decline the number of US corporate bankruptcies rose 30 per cent in the 12 months to September compared with the year-ago period, according to courts data.
/jlne.ws/4anQ2kl
World's Biggest ETF Sees Record $21 Billion Flow on Stock Rally
Emily Graffeo and Vildana Hajric - Bloomberg
An unprecedented amount of cash flowed into the world's largest and oldest exchange-traded fund last week, as stocks rallied to near-record highs after the Federal Reserve indicated it could cut interest rates next year.
/jlne.ws/48oFAY5
Borrowers Turned to Nonbank Lenders for Mortgages - And It's Costing Them; Fees are higher for comparable US homebuyers than at traditional banks, and Latino and Black customers pay even more, a Bloomberg analysis found.
Ann Choi, Caleb Melby, Raeedah Wahid, Polly Mosendz and Nadia Lopez - Bloomberg
When Rosario Lopez was looking to buy her first home last year, she knew her financing options were limited. She had been paid in cash, working as a security guard in Los Angeles, and didn't have W-2s. Her credit history was short. So she wasn't surprised when her bank, Bank of America Corp., told her she wouldn't qualify for a mortgage.
/jlne.ws/3NWnzc3
What Cardboard Prices Tell Us About the State of the Economy; Cardboard producers are boosting prices for the first time since early 2022
Ryan Dezember - The Wall Street Journal
Cardboard prices are pointing to better times ahead. Producers are lifting prices for the thick paper used to make delivery boxes for the first time since the Federal Reserve began raising interest rates early last year. It is a sign that the inventory hoarding that characterized the postpandemic recovery is ending. If history is a guide, more expensive cardboard also suggests the economy is revving up.
/jlne.ws/476lMrv
Demise of Small Caps Haunts Wall Street in the Age of Big Tech
Justina Lee - Bloomberg
Declaring the demise of an asset class is a mistake people have made since the dawn of markets. It's a temptation many on Wall Street succumbed to recently when small-cap stocks notched two-decade lows versus the S&P 500 - only to rally sharply after the Federal Reserve's dovish policy surprise last week.
/jlne.ws/3v6Krif
Investors Spurn I Bonds With Better Places to Park Their Cash
Claire Ballentine - Bloomberg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The Private Equity Firm Tapping America's Spring Water
Laura Bliss - Bloomberg
Ginnie Springs is a true Florida oasis. Ringed by towering cypress trees, the spring-fed pools off the Santa Fe River in Gilchrist County draw thousands of visitors every year to swim and cool off in their turquoise waters. It's also big business. For years, a local operator has been pumping the water to sell to bottlers, despite evidence of declining flows. Years of extraction have led the water district to label the lower Santa Fe River basin as "in recovery."
/jlne.ws/3GStRFz
Popular science books have never been more important
Adrian Smith - Financial Times
Science is increasingly central to our lives - from its role in creating day-to-day objects such as the smartphones in our pockets, to the big challenges of tackling disease, addressing climate change, dealing with pandemics and focusing on biodiversity loss. Many of the changes that the discipline brings are hugely beneficial, but they often come with potential downsides that demand public scrutiny. Will artificial intelligence take people's jobs or subvert elections with fake news? How fast can we practically transition to a net zero economy?
/jlne.ws/3NucJJJ
Rural Arizona Has Gone Decades Without Groundwater Regulations. That Could Soon Change.
Wyatt Myskow - Inside Climate News
It's been nearly a decade since Steven Kisiel's well at his home in Wilcox, Arizona, ran dry. In the years since, his neighbors-along with other rural Arizonans across the state-have encountered the same sight he did when turning on their water facets: a slow trickle of water accompanied by fine sediment, a sign the well is beginning to fail. The cost to reach more water can run tens of thousands of dollars-Kisiel spent nearly $20,000 to redrill his well to access water deeper underground. All the while, massive agricultural operations continue to flood into the state and pump huge amounts of water from underground aquifers.
/jlne.ws/3GOG4uN
Citi Suit Raises #MeToo Allegations at Wall Street's Top Levels
Paige Smith - Bloomberg
Ardith Lindsey's lawsuit accusing Citigroup Inc. of tolerating years of sexual harassment and assault against her struck a chord across Wall Street for many reasons, not least of which was her title: managing director. It's typically the most senior rank in finance apart from those in executive management positions, one that comes with enhanced compensation and, presumably, power. Women at that level are often touted by banks as examples of how gender is no bar to advancement. But Lindsey, 40, says seniority didn't protect her, nor did the elevation of another woman, Jane Fraser, to be Citigroup's chief executive officer.
/jlne.ws/3NueBCf
COP29 climate summit host Azerbaijan touts country's gas potential
Gloria Dickie - Reuters
After winning a fraught bid to host next year's United Nations climate talks in Baku, a senior Azerbaijani official promoted the country's gas reserves in aiding the global the energy transition. "Azerbaijan is also a gas exporting country, and gas - if you compare it with some other sources of energy - is a much cleaner sort of energy," said Hikmet Hajiyev, foreign policy adviser to President Ilham Aliyev, in a meeting with reporters on Tuesday. "Azerbaijan has quite serious potential of gas," he said.
/jlne.ws/4apkSJw
COP28: Key takeaways for risk managers
Amy Barnes - Marsh
/jlne.ws/3GQWuDa
EPA Begins a Review Process That Could Bring an End to Toxic, Flammable Vinyl Chloride
Kiley Bense - Inside Climate News
/jlne.ws/48kWJlt
UK to introduce carbon levy on imports by 2027; Industry criticises ministers for implementing scheme on a slower timetable than EU
Rachel Millard and Jim Pickard - Financial Times
/jlne.ws/474tzGb
Germany, France Among EU Nations Eyeing Emission-Free Power by 2035
John Ainger - Bloomberg
/jlne.ws/3v6I2UL
ESG landscape in Latin America takes shape to balance risks and opportunities
Regina Lopez - Thomson Reuters Institute
/jlne.ws/48r8S8j
House Democrats Probe Gas Producer Diversified Energy
Zachary Mider and Rachel Adams-Heard - Bloomberg
/jlne.ws/3TxwUuj
Norway's Equinor and German state energy group sign euro 50bn long-term gas deal
Alice Hancock - Financial Times
/jlne.ws/3RSjesM
Saving Animals From Extinction Is a Climate Strategy, Too
Leslie Kaufman - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | TD releases first racial equity audit for a Canadian bank, finds 'significant' progress made but more needed
Stefanie Marotta - The Globe and Mail
Toronto-Dominion Bank has unveiled the first racial equity audit by a Canadian bank as shareholder advocacy groups urge the country's lenders to reveal their own investigations into their diversity and equity policies. TD is the first bank and one of the first public companies to conduct and release a racial equity audit in Canada. Washington-based Covington & Burling LLP and Toronto-based WeirFoulds LLP - the law firms that the lender hired to conduct the 10-month review - said in a report Monday that TD has made significant progress in building a diverse and inclusive employee culture, and identified opportunities for the bank to improve its hiring, development and investigation procedures.
/jlne.ws/480EAd5
Goldman Sachs faces rocky exit from Apple credit card partnership
Saeed Azhar and Lananh Nguyen - Reuters
Four years after Goldman Sachs (GS.N) introduced a credit card with Apple (AAPL.O), the Wall Street giant faces a costly exit from a partnership that is seen by other lenders as too risky and unprofitable. In searching for a buyer for its share of the partnership, Goldman will face pressure from bidders to reduce the value of its stake in order to make the price more attractive, according to two sources familiar with the matter who declined to be identified discussing potential talks.
/jlne.ws/3RsVtpt
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Former First Republic workers sue FDIC over withheld retirement pay
Douglas Gillison - Reuters
Nearly 170 former employees of California's failed First Republic Bank have sued the U.S. Federal Deposit Insurance Corporation (FDIC), alleging that the regulator is improperly blocking their access to at least $150 million in retirement funds, a plaintiffs' attorney said on Monday. The lawsuit marks the latest fallout for the FDIC from three bank failures earlier this year that cost the agency's deposit insurance fund about $32 billion and have drawn scrutiny from lawmakers.
/jlne.ws/41w56Zg
Why UBS Wants to Be the No. 6 Investment Bank in the U.S. (Yes, No. 6); After swallowing Credit Suisse, UBS looks to make inroads in world's biggest market
David Benoit and Cara Lombardo - The Wall Street Journal
UBS sees an opportunity to build back up its U.S. investment-banking business, which has lagged behind rivals. PHOTO: ANGUS MORDANT/BLOOMBERG NEWS
More than a decade after throwing in the towel on its hopes of being a major player in the lucrative U.S. investment-banking market, UBS UBS 3.12%increase; green up pointing triangle is making another push, but this time the Swiss financial giant's ambitions are a bit more measured.
/jlne.ws/3temZiI
Why Credit Suisse's Regulator Couldn't Stop the Rot
Margot Patrick - The Wall Street Journal
Switzerland's financial regulator wants powers to fine banks and rules to make senior bankers more accountable, after its years of demanding changes at Credit Suisse were ineffective. In a report on lessons learned from the downfall of Switzerland's No. 2 bank by assets, Finma said it did as much as it could to get Credit Suisse to improve its governance and risk culture. It blamed the bank's board and managers for the crises that led to Credit Suisse's rescue takeover by UBS in March.
/jlne.ws/3NyoVct
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Wellness Potential Of Pantone's 2024 Color Of The Year
Jamie Gold - Forbes
Every winter, the world's design authorities share their color choices for the upcoming year. One of the top firms in this space, Pantone, just announced that its 2024 Color of the Year is Peach Fuzz (13-1023) and describes it this way: "A cozy peach hue softly nestled between pink and orange, Peach Fuzz brings belonging, inspires recalibration, and an opportunity for nurturing, conjuring up an air of calm, offering us a space to be, feel, and heal and to flourish from whether spending time with others or taking the time to enjoy a moment by ourselves." That's quite a task for a color!
/jlne.ws/3v4jHil
Don't let winter woes weigh on your wellness
VA News
It's easy to feel like hibernating all winter. Some people don't like going out in cold weather. Some worry about getting around in icy and snowy conditions. Some have trouble driving in the early and extended darkness. And for millions, seasonal affective disorder makes self-care more difficult. SAD is a mental health condition, most prevalent in the fall and winter, when a seasonal change triggers a significant mood shift.
/jlne.ws/482jVoY
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | How China's slowdown is deepening Hong Kong's 'existential crisis'; The territory's growing reliance on China has turned into a distinctly mixed blessing - with questions of how long hallmarks of its own system can endure
Chan Ho-him - Financial Times
Rosanne Wong should be enjoying a year of recovery at her four cigar shops in Hong Kong, after three years of Covid restrictions were finally lifted at the start of the year and traditionally high spending mainland Chinese tourists returned. Hand-rolled Cuban cigars have been in high demand - prices for some of the most-sought after types have more than doubled over the past three years.
/jlne.ws/3RQlTmJ
Hong Kong's cash-for-residency scheme can attract more family offices as it vies with Singapore, industry players say
South China Morning Post
Hong Kong's investment-migration scheme has drawn the attention of many wealthy families from mainland China and Asia, who are considering setting up family offices in the city, according to industry players. Chief Executive John Lee Ka-chiu proposed a revamped investment migration programme for wealthy individuals and their families during his annual policy address in October, offering fast track residency for at least HK$30 million (US$3.8 million) of investment in local stocks or other assets.
/jlne.ws/4arApZ5
Singapore Suspends Some Remittance Routes to China to Curb Frozen Funds
Nurin Sofia - Bloomberg
Singapore's regulator has ordered remittance companies in the city-state to halt the use of non-bank and non-card channels when transmitting money to persons in China from January 1. The three-month suspension follows reports of remittances to China through Singapore being subsequently frozen in their beneficiaries' bank accounts in China by law enforcement agencies, the Monetary Authority of Singapore said in a statement late Monday. It's unclear why these funds had been frozen.
/jlne.ws/41AXogr
Rescuers battle sub-zero temperatures as more than 120 killed by China's deadliest quake in nearly a decade
Nectar Gan - CNN
At least 126 people were killed and hundreds more injured after an earthquake hit northwest China, state media reported Tuesday, as rescue teams scrambled to reach survivors in sub-zero temperatures. The quake, China's deadliest in nearly a decade, rocked Jishishan county in Gansu Province late Monday night, damaging houses and roads. Rescuers raced to search for survivors trapped under rubble, while residents rushed outdoors, huddling overnight in the bitter winter cold.
/jlne.ws/3Nud5QU
China Flows Into New Stock Funds Plunge to Lowest in Decade
Bloomberg
Chinese retail investors are turning their backs on mutual funds, disillusioned with their once-preferred investment vehicles' performance and preferring to hoard cash.
/jlne.ws/48lSfLo
Argentina Cuts Key Rate to 100% by Swapping Main Policy Tool
Kevin Simauchi and Ignacio Olivera Doll - Bloomberg
/jlne.ws/3GRQf1P
JPMorgan Among Winners as Latin American Wealth Flocks to Miami; Itau's new accounts hit 1,000, Bradesco doubles lending book; Morgan Stanley misses out on regional boom amid Fed review
Cristiane Lucchesi and Felipe Marques - Bloomberg
/jlne.ws/3Nyn0EN
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