Brevan Howard hires CMT Digital CEO to lead crypto venture investments

Sep 13, 2021

First Read

$53,406/$300,000 (17.8%)


FEX Global Makes Its First Trade
John Lothian – John Lothian News
The first power trade on the Australian start-up exchange FEX Global was made Friday, September 10, and it was truly a global story. The trade was made using a Chicago-based Trading Technologies trading screen, cleared on the Chicago-based CME Group’s clearinghouse and traded on the FEX Global match engine in Sydney.

The power trade was in VIC $300 Strike 5 Minute Settlement Quarter 2, 2022, with 10,920 megawatt hours traded. FEX Global said in a press release that Snowy Hydro Australia Ltd. was on one side of the trade.

In the press release, Cameron Fisher, general manager, trading, commented, “Snowy Hydro has long been an active supporter of competition in energy markets and we are pleased to help drive innovation of risk management markets in Australia.”

Read more HERE.


Hits & Takes
John Lothian & JLN Staff

There are many reflections on 9/11 by prominent people as well as ordinary people from the financial industry. Ray Pellecchia is the one I share with you today. Ray was the managing director of media relations for the New York Stock Exchange at the time of the attacks. Today he is senior director of corporate communications at FINRA. On his personal blog he said he “never had the occasion (nor the courage) to write about my experiences on 9/11 and the days that followed, but I am doing so now, before my remaining memories fade.”

His reflections are broken into three parts: My 9/11 and Beyond: Tuesday, September 11, My 9/11 and Beyond: Wednesday, September 12 and My 9/11 and Beyond: Thursday, September 13.

He was in a unique position in the thick of things at the NYSE as the exchange worked with Wall Street to communicate what was happening while honoring those we lost and explaining how the exchange was preparing to open on the following Monday. I am glad he shared his story now, for as much as we want to never forget, age does take its toll on the memories.

The Financial Times has a “Special Report” about Exchange Traded Funds. Here is a list of the headlines for the stories:

– Thematic ETFs require good timing as well as conviction; Investors need to know when to hold and when to fold
– ETFs: how to balance freedom and investor protection? Disclose the downside; Retail regulation is essential but over-prescriptive rules risk penalising poorer consumers
– ‘Do good’ investors drive demand for tailored ETFs; Solid returns on many ESG-themed vehicles during pandemic has bolstered inflows
– Crypto ETF assets treble as investors take risks; Regulators and advisers are divided on digital currency and ‘inverse’ funds
– Demand for advice rises as not all investors go it alone; Alongside a surge in retail share trading, traditional and ‘robo’ advice is being sought
– Stimulus fears boost demand for ETF havens from inflation; A pickup in consumer prices has pushed more investors to look at hedging funds
– Commodity traders ponder next move in ‘supercycle’ debate; ETF investors must judge whether prices will stay elevated
– Chinese cross-listing fund shines light on surging demand; ETF listings on the mainland and Hong Kong accelerate from low base

In January of 2020, Source Media, Inc. rebranded as Arizent. The company is the home to such publications and brands as American Banker, The Bond Buyer, PaymentsSource, Financial Planning, Credit Union Journal and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance. On September 9, the SEC issued an opinion of the Commission, a Section 12(j) proceeding, grounds for remedial action, failure to comply with periodic filing requirements. The SEC said:

Company failed to file periodic reports in violation of Section 13(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 13a-1 and 13a-13. Held, it is in the public interest to revoke the registration of the company’s securities.

On October 5, the New York Times is having a “Conversation on Greening Cryptocurrency” featuring Andrew Ross Sorkin and the DealBook team exploring the environmental impact of digital currency and efforts to make it more sustainable. — NY Times

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign over the weekend.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL


AMERIBOR Term-30 futures are scheduled to launch at the Cboe Futures Exchange today. You can read more about them on the Cboe’s website here and see Dr. Richard Sandor talk about the new product and how it fits into history in a JLN video here. (The video actually begins at about 28 seconds in.) ~SR

The International Swaps and Derivatives Association, Inc. is hosting a webinar Tuesday at 8:30 a.m. ET to explain its updated definitions for interest rate derivatives and how to access them through ISDA’s new electronic documentation platform. More information on the agenda, speakers and registration is here. ~SC


GameStop disappoints; Coinbase gets into it with the SEC; Cboe offers Europe options; MIAX Spikes a record; John’s Take on CBOE’s Phil Slocum’s passing and a great moment in options history; and how to execute a strangle — The Spread — September 10, 2021

– Options markets get ready for fall’s chill as equity prices consolidate; Another perspective on small investors;
– John’s Take pays homage to an options veteran and looks at a moment in options market history;
– Pros and cons of using options strangles with Jermal Chandler in the Term of the Week.

Watch the video »


Never Forget: Sept. 11th 20 Years Later
Tomorrow marks the 20th anniversary of September 11, 2001, a day where we honor and remember those who lost their lives in the horrific terrorist attacks carried out on the World Trade Center, the Pentagon, and in a field near Shanksville, Pennsylvania. Nearly 3,000 people fell victim to the attacks: loved ones, friends, colleagues, and first responders. The effects of the tremendous loss to our families, our communities and our nation are still being felt today. Life as we knew it changed forever.

***** We just missed the OCC’s reflection on Friday in JLN, so here it is.~JJL


Brevan Howard Hedge Fund Joins the Rush to Crypto With New Unit
Nishant Kumar – Bloomberg
BH Digital aims to expand firm’s footprint in crypto market; Firm hires Colleen Sullivan to head crypto venture investment
Hedge fund Brevan Howard Asset Management has formed a new unit to manage cryptocurrency and digital assets, signaling its rising interest in the rapidly developing asset class. The London-based investment firm, best known for its macro trading focus, said the creation of BH Digital aims to expand its reach in the crypto market. It also named Colleen Sullivan, chief executive officer and co-founder of CMT Digital, as head of its private and venture investment activities in the sector, according to a statement on Monday.

**** Congratulations to Colleen Sullivan on being named to head Brevan Howard’s cryptocurrency unit. They could not have found a more talented, knowledgeable and enthusiastic crypto executive than Colleen.~JJL


SEC Charges Three Media Companies with Illegal Offerings of Stock and Digital Assets; Companies to Pay More Than $539 Million in Settlement for Distribution to Investors
The Securities and Exchange Commission today charged New York City-based GTV Media Group Inc. and Saraca Media Group Inc., and Phoenix, Arizona-based Voice of Guo Media Inc., with conducting an illegal unregistered offering of GTV common stock. The SEC also announced charges against GTV and Saraca for conducting an illegal unregistered offering of a digital asset security referred to as either G-Coins or G-Dollars. The respondents have agreed to pay more than $539 million to settle the SEC’s action.

***** I am so glad we never issued JLN Dollars. Or Shiny Head Coins. Or Lothian Lots. Or MarketsWikiCoins. ~JJL


Eventus wins FOW Asia Capital Markets Award for market surveillance excellence
Eventus press release via Cision
Also named to global AIFinTech100 list, recognizing innovation in artificial intelligence and machine learning for financial services
Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, has won the FOW Asia Capital Markets Award for Best New Product – Market Surveillance. The award is the second honor the firm has earned in the past three months for its efforts in the Asia-Pacific (APAC) region and follows its inclusion last week in the global AIFinTech100 list for 2021.

*****Is it me or does it seem like Eventus is on a roll?~JJL


City Scholars Partners with DRW to Create Tech Opportunities for U of I Students
The Grainger College of Engineering’s City Scholars program connects University of Illinois Urbana-Champaign students with various tech opportunities in Chicago. Through a continued partnership with DRW, students at UIUC have found internships at DRW and some have even gone on to work with DRW full-time in a variety of roles at the firm. Learn more about the program, the application process and what an internship at DRW looks like through the eyes of our City Scholars Program Director, Brenna Conway, and DRW Senior Software Engineer, Gareth R.

***** Giving kids an opportunity is the best thing you can do for them.~JJL


Friday’s Top Three
Our top story Friday was FIA reflects on 20-year anniversary of September 11, 2001, from the Futures Industry Association. Second was the CBOE members notice from October 19, 1989 about plans for the other options exchanges to help the Pacific Stock Exchange following the 1989 earthquake in San Francisco that left the PSE traders unable to trade on their exchange. Third was Generation 9/11: Following Parents They Lost Onto Wall Street, from Bloomberg.


MarketsWiki Stats
26,618 pages; 235,813 edits
MarketsWiki Statistics


Lead Stories

Brevan Howard hires CMT Digital CEO to lead crypto venture investments
Hedge fund Brevan Howard said on Monday it had hired CMT Digital Chief Executive Colleen Sullivan to lead the firm’s private and venture investments in crypto. Sullivan, who specialised in crypto-asset trading and blockchain technology investments at trading firm CMT, will also chair the investment committee of a new strategy focused on crypto technology, it said in a statement.

Wall Street banks seeing surge of applicants as pay rises
Paul Clarke – MarketWatch
The world’s largest investment banks have seen a surge in applications from younger candidates, showing the enduring popularity of the sector despite its brutal, long-hours culture. Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, and Morgan Stanley are among banks attracting tens of thousands of students and graduates in 2021, with application rates increasing as they have hiked entry-level intakes.

Libor Transition Stokes Sales of Risky Corporate Debt; Managers of collateralized loan obligations are rushing to close deals ahead of the transition away from the London interbank offered rate
Sebastian Pellejero – WSJ
Wall Street’s shift away from Libor is fueling sales in the red-hot market for bundles of risky corporate loans. Managers of collateralized loan obligations—securities made up of bundled loans with junk credit ratings—are rushing to close deals ahead of the year-end move away from the London interbank offered rate. The interest-rate benchmark underpins trillions of dollars of financial contracts but was scheduled for phaseout after a manipulation scandal.

Economic Costs Accumulate as Countries Worried by Delta Variant Extend Border Closures; Companies delay investments and cut jobs as strict travel limits, especially in Asia, weigh on sectors from manufacturing to education
By Liza Lin and Stella Yifan Xie – WSJ
The economic damage from Covid-19 travel restrictions is piling up, with more companies holding back on large investments or postponing decisions as border closures and visa delays stymie operations for longer than expected.

FMA announces new CEO; A New Zealander is returning home to take on the role
Ksenia Stepanova –
The FMA has announced the appointment of experienced international regulator Samantha Barrass as its new Chief Executive. Barrass has worked in various regulatory roles across the UK and Europe, and was the CEO of the financial regulator in Gibraltar between 2014 and 2019. She also worked at the Financial Services Authority (now the Financial Conduct Authority) in the UK for nine years.

El Salvador Runs a Bitcoin Scam; The cryptocurrency as obligatory legal tender undermines dollarization.
Mary Anastasia O’Grady – WSJ
Ever since Iran was denied access in 2012 to the Society for Worldwide Interbank Financial Telecommunication, a Brussels-based global banking network known as Swift, the axis of evil and its allies have intensified their search for a way to move illicit money electronically, outside the legal banking system.

Moynihan’s BofA Shake-Up Paves Way for a New Crop of Leaders
Katherine Doherty – Bloomberg
An era of power brokers near the top of Bank of America Corp. is ending as Chief Executive Officer Brian Moynihan elevates a fleet of younger executives into the ranks of eventual potential successors.

Bank of America Revamps Leadership, but C.E.O. Plans to Stick Around; The nation’s second-largest bank promoted several executives, although it’s unlikely that any of them will replace Brian Moynihan, the chief executive, anytime soon.
Lananh Nguyen – NY Times
Bank of America made sweeping changes to the company’s leadership Friday that elevated several executives, including three women, to senior jobs and all but guaranteed that Brian Moynihan, the chief executive, would remain at the helm of the nation’s second-largest bank for years to come.

UBS wealth business booms but are risks piling up The $3.6tn division has to prove it can keep growing once all the low-hanging fruit has been picked
Owen Walker – FT
Soon after Iqbal Khan joined Credit Suisse in 2013 he was invited to dinner at Zurich’s elegant Ristorante Bindella for a discreet conversation with the chief financial officer of UBS, his new employer’s fierce rival.

Brevan Howard to ‘significantly expand’ crypto asset push; Hedge fund appoints Colleen Sullivan to run new unit focused on digital assets
Eva Szalay – FT
Hedge fund Brevan Howard will “significantly expand” its foray into digital assets with the launch of a new unit focused on the industry, in the latest sign of how traditional financial companies are racing into the sector. The European hedge fund, one of the largest in the world, said on Monday that it had set up a new unit dubbed BH Digital, which will manage cryptocurrencies and digital assets. It has appointed Colleen Sullivan, chief executive and co-founder of specialist cryptocurrency and blockchain technology firm CMT Digital, as head of the division.

Energy Trader Files for Bankruptcy as Market Turmoil Bites
Lars Paulsson – Bloomberg
Nordstrom Invest in Denmark stops trading as power trades sour; Soaring power, fuel costs wrong-footed traders, suppliers
A Danish power trading company has filed for bankruptcy as the unprecedented rally in energy prices across Europe claimed yet another victim. Nordstrom Invest A/S filed a request on Sept. 7 to the Bankruptcy Court in Aarhus, according to the Government Gazette of Denmark. It comes just days after several energy suppliers in the U.K. ceased trading.

Natural-Gas Market Conditions Look Unnatural; Storage levels of the fuel look rather thin globally, while prices have surged. A cold winter in parts of the world could send prices even higher.
Jinjoo Lee – NY Times
Natural gas could really use an OPEC-style, coordinated production ramp-up right now. U.S. Henry Hub natural-gas prices, at around $5 per million British thermal units (MMBtu), have more than doubled from a year earlier. When the benchmark broke the $4 mark in early August it was a rare milestone—especially so far ahead of the winter heating season. The sticker shock is even greater elsewhere in the world: East Asian benchmark futures are four times where they were a year ago, while European natural-gas spot prices are five times as high. Both benchmarks have exceeded $18 per MMBtu.

Stablecoins Face Crackdown as U.S. Discusses Risk Council Review
Jesse Hamilton and Saleha Mohsin – Bloomberg
Treasury, other agencies consider launching FSOC examination; Tokens’ fast growth has triggered anxieties among regulators
U.S. officials are discussing launching a formal review into whether Tether and other stablecoins threaten financial stability, scrutiny that could lead to dramatically ramped-up oversight for a fast-growing corner of the crypto market.

NFTs Are the Revenue Model for Metaverse, Crypto Veteran Says
Joanna Ossinger – Bloomberg
William Quigley predicts a massive change in business models; Fundamental analysis in crypto is hard to do, Quigley says
William Quigley, a co-founder of stablecoin Tether and a pioneer in the cryptocurrency space, sees the metaverse as a huge economic force that’s going to change people’s lives significantly in coming years.

‘No rule of law’: investors divided over Chinese markets; Regulatory stings scare off some managers, but others hunt for opportunities in vast economy
Harriet Agnew, Tabby Kinder and Michael Mackenzie – FT
A clash erupted between two of the world’s most prominent investors this week, reflecting a widening divide on Wall Street about the viability of putting money to work in China. Fund managers have been cooling on the world’s second-largest economy since president Xi Jinping launched a volley of regulatory stings against sectors ranging from education to video games over the past 10 months. The moves have wiped almost half the value off of a Goldman Sachs basket of US-listed Chinese stocks from a peak early in 2021 and halted the once vibrant flow of Chinese companies listing in New York.

Two decades after 9/11 British authorities continue to allow Taliban to launder money in the UK
Henry Bodkin – The Telegraph
UK authorities are still allowing the Taliban to launder its money in the UK 20 years after 9/11 because of their inability to take on the City, a former White House intelligence chief has said. Robert Greenway, a senior director at the National Security Council, said Britain missed opportunities to prevent the militant group and its associates from using London as a money-laundering hub, and of preventing donations from sympathisers.

Shipping Options Dry Up as Businesses Try to Rebuild From Pandemic; The top six container operators control nearly three-fourths of all ship space, giving cargo owners fewer options; ‘Our hands are tied’
Costas Paris – WSJ
A wave of shipping consolidation over the past five years is adding to the supply-chain woes caused by Covid-19 outbreaks, further delaying the movement of cargo across the oceans.

Travel Investors Need More Drive; Negative commentary from airline companies hardly means all near-term travel is doomed
Laura Forman – WSJ
We all wanted 2021 to be different, but it is bringing a lot more of the same. That doesn’t mean travel investors need to universally pump the brakes. Ahead of an investor conference on Thursday, a handful of major airlines warned in regulatory filings that their third quarter may not look as rosy as hoped. United Airlines noted a deceleration in customer bookings for travel demand, while Southwest Airlines LUV -2.70% reported a continued softness in bookings—even in leisure—and elevated trip cancellations. American Airlines AAL -6.19% similarly said that, after a strong July, it saw a softness in near-term bookings in August and an increase in near-term cancellations. All three suggested the Delta variant is having a dampening effect on business.

Restaurants Close Dining Rooms Again as Delta-Driven Infections Spread; Eateries face uncertain demand, nervous diners and staffing struggles; some chains and franchisees remain split over indoor dining
Heather Haddon – WSJ
Restaurants’ plans to return diners to indoor tables are unraveling. Chains such as McDonald’s Corp. and Chick-fil-A Inc. are slowing their dining rooms’ reopenings, given the Delta-driven surge in Covid-19 infections. Other restaurants are again losing customers, and trying to squeeze more diners into outdoor patios while weather still allows.

Rebuilt After 9/11, One World Trade Center Is 90% Filled After Cost Overruns and Delays; The building cost $3.8 billion to construct. The World Trade Center complex still isn’t profitable, its owner says.
Peter Grant – WSJ
One World Trade Center, the 1,776-foot office building that rose in place of the Twin Towers destroyed on Sept. 11, cost $3.8 billion and is the most expensive skyscraper ever built in the U.S. The entire World Trade Center complex hasn’t made a profit since One World Trade opened seven years ago, according to the building’s owner, the Port Authority of New York and New Jersey. In 2020, World Trade Center expenses of $335 million topped revenues of $328 million, the Port Authority’s annual report said.


Here’s What the Next Six Months of the Pandemic Will Bring; The race between vaccinations and new variant strains won’t end until Covid-19 has touched almost everyone.
Michelle Fay Cortez – Bloomberg
For anyone hoping to see light at the end of the Covid-19 tunnel over the next three to six months, scientists have some bad news: Brace for more of what we’ve already been through. Outbreaks will close schools and cancel classes. Vaccinated nursing home residents will face renewed fears of infection. Workers will weigh the danger of returning to the office as hospitals are overwhelmed, once again.

Federal Research Bolsters the Case for Vaccine Mandates; Scientists believe the administration’s new measures may tamp down the pandemic, although the effects will not immediately be obvious.
Apoorva Mandavilli and Roni Caryn Rabin – NY Times
Just a day after President Biden issued broad mandates aimed at encouraging American workers to get vaccinated against the coronavirus, federal health officials released new data showing that unvaccinated Americans are 11 times as likely as vaccinated people to die of Covid-19.

Even the Swiss Are Tightening the Screws on the Unvaccinated
Catherine Bosley – Bloomberg
Switzerland, which has stood out among European neighbors for its generally more laissez-faire approach to the pandemic, is joining the ranks of countries now increasing pressure on the unvaccinated.

England Scraps Vaccine Passports, Readies for Booster Shots
Emily Ashton – Bloomberg
Premier to announce new approach in tackling Covid this winter; Abandons vaccine certification after revolt from Tory MPs
Boris Johnson will unveil the U.K.’s new approach in tackling Covid this week, preparing the country for a mass booster vaccination program and potential shots for teenagers — but scrapping plans for mandatory vaccine certificates in England.

China’s Delta Breach; Half Japan Fully Vaccinated: Virus Update
Bloomberg News
China is experiencing yet another Covid-19 outbreak caused by the delta variant, with dozens of infections detected in the southeastern province of Fujian less than a month after the nation’s last flare-up was contained.

Chinese Firm Buys Canada mRNA Vaccine Tech in $500 Million Deal
Bloomberg News
Everest Medicines to license vaccine from Canada’s Providence; Deal worth as much as $500 million in upfront, future payments
Chinese biopharma firm Everest Medicines Ltd. will license an mRNA Covid-19 vaccine from Canada’s Providence Therapeutics Holdings Inc., as companies try to bring the most effective inoculation platform into China despite its apparent resistance to western shots.

UK cancels EUR1.4bn Covid vaccine deal with France’s Valneva; Doses were to be manufactured in Scotland with deliveries starting in 2022
Donato Paolo Mancini – FT
The UK has terminated an agreement with France-based biotech company Valneva for the supply of at least 100m doses of Covid-19 vaccine, saying the company was in breach of its obligations under the deal. The company “strenuously” denied the claim in a statement on Monday. The deal was worth up to EUR1.4bn, with manufacturing planned to take place in Scotland and deliveries set to start in 2022.

Snowbirds Are Heading to Florida and Arizona Despite the Delta Variant; Plenty of snowbirds stayed home last year. This year, they’re making plans to go south despite Covid-19 outbreaks in warm-weather states
Clare Ansberry – WSJ
The annual migration for many snowbirds is weeks away, but the Covid-19 waves in warm-weather locales like Florida and Arizona are causing some seasonal residents to rethink travel plans. Others say they’re determined to make the trip after missing a season in the sun.

Covid-19 is crushing this corner of rural America. Getting the vaccine can still feel like an act of treason
Elle Reeve, Samantha Guff and Deborah Brunswick – CNN
It felt like Covid-19 was closing in around us during the five days in August this CNN crew spent in Carter County, Missouri. In Van Buren, the county’s biggest town, we were sitting next to a 16-year-old when she got a text that masks would be mandated at school because about 20 kids had tested positive after just two days of class. One person we’d wanted to interview had to go to the hospital with a breakthrough infection. Another person found out the night before our interview she’d been exposed to coronavirus by a sick kid at church.

Covid Is on Its Way to Becoming Just Another Virus; It’s time to remind ourselves that, for those who’ve been inoculated, the coronavirus is no longer the imminent threat it was 18 months ago.
David Fickling – Bloomberg
In the days before Covid, I’d often get frustrated by the response that doctors would give when I turned up at their clinics with some infection or other: “It’s just a virus,” they’d say.

Israel Is Preparing for Possible Fourth Covid Vaccine Dose
Alisa Odenheimer – Bloomberg
Top health official hopes booster jabs will last for longer; Country became a global pandemic hot spot in early September
Israel is making preparations to ensure it has sufficient vaccine supply in case a fourth round of Covid-19 shots is needed, the country’s top health official said on Sunday.

Exchanges, OTC and Clearing

SIX gains regulatory approval for digital asset exchange; Authorisation enables SDX to go live with a fully regulated, integrated trading, settlement, and custody infrastructure based on distributed ledger technology for digital securities.
Richard Schwartz – The Trade
In a market first for digital securities, the Swiss Financial Market Supervisory Authority (FINMA) has authorised SIX Digital Exchange AG to act as a central securities depository and the associated company, SDX Trading, to act as a stock exchange.

Dutch pensions manager MN’s clients now centrally clearing repos at Eurex
Managed by MN, two significant Dutch pension funds – the Metal and Engineering Industry Pension Fund and Pension Fund Metalektro – utilize Eurex’s ISA Direct; ISA Direct aims to broaden market access to centrally cleared repo and OTC IRS
MN, one of the largest fund managers and administrators for Dutch pension funds with over EUR 170 billion under management, is now using Eurex’s innovative ISA Direct clearing model in order to centrally clear repo transactions and benefit from enhanced access to cash liquidity and robust management of initial and variation margin requirements. With Eurex Repo’s deep liquid and centrally cleared markets, MN’s clients can now trade repos with over 150 participants registered with Eurex Repo, including commercial and central banks, and government financing agencies, as well as securely raising and placing cash against more than 13,000 domestic and international securities.

Notification of dividend / distribution

ASX shortlisted to participate in the next phase of the development of the Australian Carbon Exchange

HKEX Appoints New Head of Management Reporting and Facilities Management
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Monday) pleased to announce the appointment of Mr Anthony Crampton as Managing Director, Head of Management Reporting and Facilities Management. In his role, Mr Crampton will work across HKEX to help oversee the group’s management reporting best-practice, helping the business to make better-informed decisions. Mr Crampton will also oversee the Group’s Facilities Management activities, helping to ensure the functionality, comfort, safety and efficiency of our offices and facilities, by aligning our people, processes and technology within our real-estate portfolio.

Handling of Operations Relating to Optimization of Tick Sizes for ETFs, ETNs, and Leveraged Products
Tokyo Stock Exchange, Inc. (TSE) has previously announced that tick sizes currently applied to TOPIX 100 constituents will be applied, in principle, to all ETFs, ETNs, and leveraged products, and that revisions relating to expansion of daily price limits for ETFs, ETNs, and leveraged products will be implemented. Today we announce some detailed rules that will be implemented in accordance with these revisions.

Handling of Night Session Trading on September 17, 2021
Night session trading on September 17, 2021 in Osaka Exchange, Inc. and Tokyo Commodity Exchange, Inc. will not be conducted due to the preparation for migration of derivatives trading system (“J-GATE3.0”). Trading suspension will be conducted as follows by product category. (*1) JGB Futures and Options on JGB Futures, From: 3:13 p.m. (JST) Index Futures and Options (*2), From: 3:50 p.m. (JST) Commodity Futures and Options on Commodity Futures From: 3:50 p.m. (JST)

Public Comments
Optimization of Tick Sizes for ETFs, etc. and Other Revisions
Summary of Comments Submitted Regarding “Optimization of Tick Sizes for ETFs, etc. and Other Revisions” (September 13, 2021)

NZX: Capital Change Notice – Notice Of Issue Of Performance Rights Under The NZX Long Term Incentive Plan, CEO, Mark Peterson

— Amendments to CME Rule 588.H. (“Globex Non-Reviewable Trading Ranges”) Table for the E-mini Nasdaq-100 Index Futures and Micro E-mini Nasdaq-100 Index Futures Contracts — CME
— Effective Dates for Spot Month Position Limits in the October 2021 Core Products — CME


Beijing to break up Ant’s Alipay and force creation of separate loans app; Chinese fintech will turn over user data to new joint venture partly owned by state
Sun Yu and Ryan McMorrow – FT
Beijing wants to break up Alipay, the superapp owned by Jack Ma’s Ant Group that has more than 1bn users, and create a separate app for the company’s highly profitable loans business, in the most visible restructuring yet of the fintech giant.

CLS to pilot PvP solution for a wider range of currencies for its settlement service; The pilot within CLSSettlement addresses various public policy initiatives to encourage PvP adoption.
Wesley Bray – The Trade
CLS’s working group of 12 global banks is participating in a pilot to evaluate potential payment-versus-payment (PvP) solutions for currencies that are not currently eligible for CLSSettlement. Trade data from each participating settlement member is being used in the pilot to better inform the overall design of the optimal solution.

BGC appoints Fenics global head of data operations from CME; Ray Bencheikh joins BGC’s Fenics Market Data division to lead data operations globally after previously working at CME, NEX Group and ICAP.
Hayley McDowell – The Trade
Interdealer broker BGC Partners has hired a market operations director for CME Group’s electronic trading platform Globex to lead its data operations for the Fenics division. Ray Bencheikh confirmed in a post on social media that he has been appointed global head of data operations for Fenics Market Data starting this month in London.

BornTec’s CrossCheck Selected by FCT Europe Limited as Premier Regulatory Solution
Chris Haworth – BornTec
BornTec, the premier provider of real-time trade surveillance, data analytics, and compliance solutions for the capital markets industry, today announced that FCT Europe Limited has selected CrossCheck to meet its compliance mandates for trade surveillance.


Ireland fails to enforce EU law against Big Tech; Irish regulator has not resolved 98% of 164 significant data protection complaints
Madhumita Murgia and Javier Espinoza – FT
Ireland is failing to apply the EU’s privacy laws to US Big Tech companies, with 98 per cent of 164 significant complaints about privacy abuses still unresolved by its regulator. Google, Facebook, Apple, Microsoft and Twitter all have their European headquarters in Dublin, making Ireland’s Data Protection Commissioner the lead EU regulator responsible for holding them to the law.

Japan is belatedly recognising the risks of cyber war; Tokyo’s new Digital Agency may be too late but it is badly needed
Leo Lewis – FT
Two days before Prime Minister Yoshihide Suga announced his resignation, Japan finally got around to launching his flagship Digital Agency — a new cybernetic arm of government cranked into existence by analogue panic over the sheer volume of paper involved in day-to-day government.

How Hackers Use Our Brains Against Us; Cybercriminals take advantage of the unconscious processes that we all use to make decision making more efficient. Blame it on our ‘lizard brains.’
Heidi Mitchell – WSJ
The email from the boss asking to transfer money to a new supplier. The link sent from a client, but whose return email address is slightly off. The request from somebody in the IT department asking for system login information. We read about these typical spearphishing attempts, and more often than not we think: Who falls for these? And how could they? The answer to the first question is simple: You do. We do. Nearly 800,000 people fell victim to cyberscams in 2020, according to the Federal Bureau of Investigation’s Internet Crime Complaint Center. That was an increase of around 69% over 2019, with reported losses of more than $4 billion last year.

The Rise of Developer-First Security Tooling
Cristina Buenahora – Security Boulevard
Engineers seldom embrace security in the software development process for one reason: They don’t think it’s their job. Neither the tangible benefits of addressing security concerns nor the consequences of ignoring them are typically apparent to engineers unless they are working for a financial institution or health care organization. Additionally, the process of addressing these concerns can be tedious and demotivating.

Hackers Leak Schoolkids’ Data—ID Theft of Minors Ensues
Richi Jennings – Security Boulevard
Ransomware attacks on school districts have led to identity theft and data leakage. The victims include millions of students.

Moody’s and BitSight Partner to Create Integrated Cybersecurity Risk Platform
Yahoo Finance!
Moody’s Corporation (NYSE:MCO) and BitSight today announced a significant investment by Moody’s, further enhancing BitSight’s offerings and capabilities, to create a comprehensive, integrated, industry-leading cybersecurity risk platform. This transaction reflects the increasing strategic, financial, and operational impact of cyber risk to organizations and markets.

CyberNB Launches Interactive Cyberwar Game That Puts Students on the Front-line to Tackle Real-world Cyber Attack Scenarios
CyberNB – WFMZ
CyberNB in partnership with CYBERPRO Global, a world-class cyber education and training provider, announced today that it has launched CYWARIA League North, Canada’s Elite cybersecurity league. This engaging platform is the first of its kind in Canada and will provide students with unique insight into the dynamic nature of the cyber world, all the while teaching students by replicating real-life cyber threats.


Some early crypto enthusiasts have bailed on the sector, saying the movement has bought into hype without understanding the technology’s limits
Ethan Wu – Business Insider
Crypto has plenty of detractors, but it is those who were once inside the tent that attract the most interest – and ire. That’s the upshot of a recent Financial Times Magazine piece that interviewed several early crypto superfans who have since become disillusioned with the sector. The FT spoke with an unnamed figure dubbed “Neil,” who in 2014, fresh out of college, joined Coinbase, then an obscure crypto startup. Neil, a computer science student, was first attracted to the idea of virtual money as a neat programming problem to solve.

The US may crack down on ‘stable’ cryptocurrencies
Jon Fingas – Engadget
Stablecoins are ostensibly safer than regular cryptocurrency thanks to their ties to less volatile assets, but US regulators apparently aren’t convinced. Bloomberg sources hear the Treasury Department and other federal agencies are close to a possible crackdown on stablecoins through a review from the Financial Stability Oversight Council. Officials are reportedly concerned the digital money is largely unregulated and could ultimately destabilize the financial system, not protect it.

Singapore bank DBS charts ambitious plans for digital exchange
Anshuman Daga – Reuters
Singapore’s DBS Group expects to double the number of members on its new platform for cryptocurrency trading to 1,000 by end-December and grow this by 20-30% annually for the next three years as digital tokens gain acceptability.

Crypto crash: Here’s why billionaire John Paulson’s ‘worthless’ call might be right
Clayton Jarvis – Moneywise
Crypto crash: Here’s why billionaire John Paulson’s ‘worthless’ call might be right
It feels as though cryptocurrency has been deemed a worthless fad since Bitcoin first emerged from the guts of an anonymous engineer’s computer rig back in 2009. While some of the criticism has come from the general public, who may not have a clear grasp on what cryptocurrencies are, how they work or why they possess any value whatsoever, some very clued-in financial minds have also questioned crypto’s rising prominence.

Bitcoin’s 2021 Energy Use Has Already Surpassed 2020
Amanda Ahl – Bloomberg
The Bitcoin network was estimated to consume about 67TWh of electricity in 2020, and its total consumption has already surpassed this in 2021. By the end of this year, it looks set to have used 91TWh of energy – as much as Pakistan. As the price of Bitcoin increases, more miners with less energy-efficient machines join the network, driving up energy use. This means that it is essential to improve the efficiency of crypto-mining and move to low-carbon energy sources for electricity.

South Korea crypto crackdown to wipe $2.6bn from ‘kimchi coins’; Warnings of ‘situation similar to a bank run’ as regulatory deadline draws near
Song Jung-a – FT
South Korean cryptocurrency traders are bracing for losses of more than Won3tn ($2.6bn) as two-thirds of the country’s crypto exchanges are set to be wiped out in a regulatory overhaul of one of the world’s biggest digital currency markets.

South Korean Crypto Exchange Closures Could Leave Investors Empty-Handed
Nicholas Pongratz – BeInCrypto
As two-thirds of South Korea’s cryptocurrency exchanges brace for closure due to regulatory overhaul, investors could lose up to KRW 3 trillion ($2.6 billion). Foreign and local exchanges in South Korea have until Sept 24 to register as legal platforms, according to South Korea’s Financial Services Commission. However, most local exchanges struggle to meet the necessary conditions. As a consequence, almost 40 of South Korea’s roughly 60 crypto operators anticipate having to shut down.

Coinbase Announces Proposed Private Offering of $1.5 Billion of Senior Notes for General Corporate Purposes Including Product Development and Potential M&A
Coinbase Global, Inc. (“Coinbase”) (Nasdaq: COIN) today announced its intention to offer, subject to market conditions and other factors, $1.5 billion aggregate principal amount of its Senior Notes due 2028 and 2031 (the “notes”) in a private offering (the “offering”). The notes will be fully and unconditionally guaranteed by Coinbase, Inc., a wholly owned subsidiary of Coinbase. The interest rate, redemption provisions, and other terms of each series of notes will be determined by negotiations between Coinbase and the initial purchasers.

‘Why international money transfer is difficult for Nigerians’
The Nation
More Nigerians are going into the Bitcoin and cryptocurrency market for several reasons. Chief Executive Officer (CEO/co-founder Paxful, Ray Youssef said the difficulty experienced by Nigerians in sending money abroad is fueling activities around Bitcoin and other cryptocurrency transactions.

NBA’s Steph Curry Sees Crypto Providing Access to Opportunity
Emily Chang – Bloomberg
Curry received equity stake in FTX, became a brand ambassador; Guard caused a stir by seeking advice on crypto over Twitter
NBA superstar Steph Curry, who recently entered into a partnership with the fast-growing digital-asset exchange FTX, said he wants to use cryptocurrencies as a socially conscious platform.


Biden’s Saigon Moment Raises Political Risks for Markets; After the Afghan debacle, the president looks like a Ford or a Carter. A rise in political uncertainty could return the economy to crisis.
John Authers – Bloomberg
Days of Infamy (and Days of Glory)
It has been 20 years. Like most of us who were in Manhattan on Sept. 11, 2001, I find it difficult not to think of that day’s events at the best of times. The focus on the 9/11 terrorist attacks over the 20th anniversary this weekend was close to intolerable. However, the topic can’t be avoided, even for people who are primarily interested in finance. And it has gained greater urgency with the landmark coming just as the U.S. had pulled out of Afghanistan, ending the war it started as a direct consequence of 9/11. That withdrawal, appallingly handled, was accompanied by images painfully reminiscent both of the fall of Saigon in 1975 and (when young Afghans attempted to grip the side of an American transporter and fell to their deaths) of the figures who threw themselves from the towers 20 years ago.

House Democrats Set to Propose Corporate Tax Rate of 26.5%
Kaustuv Basu, Billy House, and Erik Wasson – Bloomberg
Rate and capital-gains plan would fall short of Biden ambition; Cryptocurrency, tobacco among areas targeted to raise revenue
House Democrats are set to propose raising the top corporate tax rate to 26.5%, people familiar with the matter said, among other plans that fall short of President Joe Biden’s ambitions in a bid to help improve chances of passing a major social-spending package.

The UK’s risky rush to cut Brussels rules; Data reform would remove a human check on algorithms
The editorial board – FT
Just because you can, does not mean you should: a warning that Conservative ministers would do well to heed as they look to sever European Union rules in the wake of Brexit. Government plans to scrap an EU rule guaranteeing human checks on decisions made by computer algorithms would not only remove a vital safeguard against inbuilt machine bias; it also risks adding, rather than cutting, burdens on business.

Norwegians vote in elections dominated by future of oil; Opinion polls point to a convincing win for the centre-left bloc led by the Labour party
Richard Milne – FT
Norwegians have begun voting in several large cities in parliamentary elections expected to bring the centre-left opposition to power after a race dominated by the future of oil and the climate crisis.

Covid Isn’t Finished Messing With Politics
Gail Collins and Bret Stephens – NY Times
Bret Stephens: Hi, Gail. I’m trying to keep an open mind — OK, semi-open — about what to think of Joe Biden’s Covid vaccination mandates. I have no problem with the president requiring federal employees to get the shot. I have no problem with businesses large or small requiring the same. Their houses, their rules.


Regulator Calls on Polish Banks to Act Now to Tackle FX Loans
Maciej Martewicz – Bloomberg
Watchdog may offer banks incentives if they want to settle; Polish Supreme Court has repeatedly failed to provide guidance
The Polish Supreme Court’s inability to provide guidance in Swiss franc-mortgage lawsuits gives local banks an opportunity to resolve their multi-billion zloty disputes directly with borrowers, according to the country’s financial markets regulator.

Wells Fargo was fined $250 million by federal regulators, while it says a separate 2016 CFPB consent order has expired
Charles Scharf, Carter Johnson – Business Insider
Even as Wells Fargo announced the expiration of a 2016 consent order levied by federal regulators in the wake of a fraudulent account scandal, it now faces a new $250 million fine related to issues stemming from the bank’s mortgage loss modification practices.

FINRA Announces Retirement of Executive Vice President of Member Supervision Bari Havlik; Greg Ruppert Appointed as Successor
FINRA announced today that Bari Havlik, EVP and Head of the Department of Member Supervision, plans to retire from FINRA later this year. Havlik will be succeeded by Greg Ruppert, who currently reports to Havlik and serves as EVP and leader of FINRA’s National Cause and Financial Crimes Detection Program (NCFC), on November 1st. She will remain an adviser to Ruppert to assist with the transition until the end of the year.

FCA vows crackdown on fraud involving authorised firms
Sonia Rach – FT Adviser
The Financial Conduct Authority’s chief executive has pledged a tougher crackdown on fraud outside of its remit which involved regulated financial services firms, but warned this would come at a cost.

FCA set to lift staff salary freeze – in April; It follows Financial News’ reporting of staff push-back over over pay cuts at the regulator
Lucy McNulty – Financial News
The UK’s Financial Conduct Authority is planning to end restrictions on pay rises for its roughly 4,200 employees next year, according to a memo from the watchdog’s bosses to staff. The note, posted to the regulator’s intranet and seen by Financial News, said that the FCA’s 10-person executive committee did “not anticipate we will continue with a general base pay freeze in the next annual pay review for April 2022”.

Investing and Trading

Football’s Gambling Boom Has Investors Betting on the House
Bailey Lipschultz – Bloomberg
The house always wins. That’s what investors are betting this football season when Americans are expected to wager more than $20 billion. Shares of DraftKings Inc., Penn National Gaming Inc., and Caesars Entertainment Inc. have rallied more than 20% in the past three weeks on predictions college and professional football bets will triple from a record last year.

Aluminum Industry Frets That Supply Snarls ‘Have Just Begun’
Joe Deaux – Bloomberg
Supply-chain snags that have roiled commodity markets and helped push aluminum prices to a 13-year high this week are unlikely to ease any time soon. That’s the message coming from producers, consumers, traders and shippers at North America’s largest aluminum conference, which ended Friday.

$500 Million of SPAC Cash Vanishes Under the Sea; The Metals Company’s controversial plan to mine the seafloor is a tale of questionable green credentials and SPAC disappointment.
Chris Bryant – Bloomberg
A controversial project to mine the Pacific ocean floor has suffered a rocky start after investors withheld almost $500 million in funding. TMC The Metals Company Inc., formerly known as DeepGreen Inc., went public last week, after merging with Sustainable Opportunities Acquisition Corporation, a special purpose acquisition company. But it was an underwhelming debut. The shares sank 11% on Friday.

You Don’t Need a CFA to Value Chinese Equities; A feel for the country’s opaque politics or a simple dose of blind faith may serve just as well.
Matthew Brooker – Bloomberg
What we’ve got here is a failure to communicate, as Paul Newman observed just before being shot in Cool Hand Luke. Chinese and foreign investors appear to have an acute difference of opinion over how the government’s shifting of the regulatory goalposts has affected equity valuations. A gauge of U.S.-traded Chinese stocks had fallen about 43% from its February high as of Friday afternoon, while the MSCI China Index used as a benchmark by many global investors had lost 27%. On the same day, the Shanghai Composite Index surpassed its February peak.

Paper supply is thinning due to Delta variant
Lisa Fickenscher – NY Post
Toilet tissue isn’t the only kind of paper that’s increasingly hard to find as the Delta variant has pushed some people to stock their shelves. Businesses and consumers are being told to wait weeks or longer to get what they’ve ordered from printers — or to limit their use of copy machines — because there’s not enough of other kinds of paper, sources tell The Post. And as the holiday season approaches, book sellers fear a runaway best seller could be out of stock if there’s not enough paper to keep up with demand.

How GameStop stocks made ordinary Americans go for broke
Reed Tucker – NY Post
Jeremy was a 22-year-old college senior who took his $6,000 textbook money and turned it into $109,977. Kim was a single mom and psychiatric nurse hoping to pay for her kid’s braces only to get caught up in a much bigger search for meaning. Sara was a pregnant 30-year-old hair-salon worker who used her stimulus money to be part of the hype, only to lose nearly all of it.

Environmental, Social and Corporate Governance

Norway’s money cannot buy climate peace; In election campaign, both right and left are split by decarbonisation
The editorial board – FT
When Norwegians vote in their general election on Monday, opinion polls suggest that a Labour party-led coalition will replace the centre-right government that has ruled the country for the past eight years. That will do nothing, however, to settle the political divisions that have been exposed during the campaign, cutting across traditional camps.

Green Steel Becomes a Hot Commodity for Big Auto Makers; Car companies are trying to reduce their carbon footprint by developing a more environmentally friendly manufacturing process
William Boston – WSJ
Auto makers are racing to find cleaner steel to build their cars. The industry’s approach ranges from low-tech—using more recycled steel—to less-proven methods, including trying to source the metal from hydrogen-powered mills instead of more conventional coal-fired ones.

Can a Green-Economy Boom Town Be Built to Last? The race to make electric vehicles is turning some places into winners. Normal, Ill., is one of them. But it has seen good times go sour in the past.
Noam Scheiber – NY Times
When he bought a construction contractor called Weber Electric in 2018, Josh Mosier inherited about 20 employees. By the end of the next year, he was up to about 100 employees. By the spring of 2021, the number was over 225.

DWS Selloff ‘Excessive’ as Greenwashing Hard to Prove, Citi Says
Steven Arons – Bloomberg
The market panic sparked by greenwashing allegations against Deutsche Bank AG’s asset manager DWS Group was “excessive” because regulators will have a hard time proving wrongdoing, Citigroup analysts led by Nicholas Herman said.

Schroders to commits to publishing sustainability data; The data will appear in Schroders’ value assessments from next year
Lauren Mason – Professional Pensions
Schroders will include sustainability data at an individual fund level within its next assessment of value (AOV) report, in order to improve transparency for clients The firm’s current AOV approach is aligned with the Financial Conduct Authority’s seven areas of focus, and also includes a statement in terms of how they incorporate sustainability into their investment approach. Now, though, it will use its in-house proprietary tools, which reside under the impactIQ umbrella, to include data-led information.


MOVES-Citigroup hires Naysmith from Goldman Sachs -sources
Citigroup Inc has hired Harry Naysmith as vice chairman of its Southeast Asian banking and capital markets advisory business, two people with direct knowledge of the matter told Reuters.

BNP Paribas provides Derivatives Execution and Clearing services on the FEX Market.
“Increased competition and transparency in the wholesale Electricity markets are vital to accelerating the transition into renewable energy sources in Australia. We are pleased to have supported the first ever transaction on the FEX, and look forward to helping more renewable energy corporations hedge their risks” said Tobias Lausch, Head of Derivatives Execution and Clearing Sales, APAC at BNP Paribas.

Horta-Osório tightens his grip at Credit Suisse; New chair stamps his authority on Swiss bank, raising questions about the CEO
Stephen Morris, Owen Walker and Arash Massoudi, Joshua Franklin – FT
Credit Suisse’s new chair António Horta-Osório has taken on more executive duties at the Swiss bank in what insiders describe as a power grab that has diluted the authority of chief executive Thomas Gottstein. Former Lloyds Banking Group CEO Horta-Osório joined as chair of the Swiss lender in April, in the immediate aftermath of twin crises involving family office Archegos Capital and specialist finance firm Greensill Capital.


China Tech Watchdog Warns Internet Firms Against Blocking Rivals
Bloomberg News
China’s top technology regulator warned internet firms on Monday against blocking links to rival services, reaffirming Beijing’s order for online giants from Tencent Holdings Ltd. to ByteDance Ltd. to dismantle walls around their platforms.

After the ‘bazooka’, Bank of Japan dismantles the work of its radical chief
Leika Kihara – Reuters
After years of shock-and-awe stimulus, the Bank of Japan is quietly rolling back radical policies introduced by its bold chief Haruhiko Kuroda and pioneering controversial new measures that blur the lines between central banking and politics.

FOCUS-London’s financial workers flock back to office in hot commuter crush
Lawrence White and Iain Withers and Rachel Armstrong – Reuters
Bank offices back to half-full, occupancy rising; Office return comes despite rising virus cases; HSBC, StanChart, Goldman see influx accelerating
There’s no free lunch in finance – except when banks are wooing workers back to the office. London’s financial sector, keen to return to a semblance of normality after the worst of the pandemic, is leading the charge to encourage employees back to their old lives, with some companies even offering free food and social events.

British Takeover Wave Is 70% Over, Top Jefferies Banker Says
David Hellier – Bloomberg
Foreign buyers have been snapping up cheap British companies; Deals get less attractive as discount to U.S. market narrows
The wave of overseas acquirers snapping up U.K. listed companies is 70% over, according to a top dealmaker at Jefferies Financial Group Inc.

Japanese REITs Better Than Traditional Assets, GPIF Report Says
Emi Urabe – Bloomberg
Pension fund report highlights real estate trust performance; BOJ easing boosts REIT performance above stocks, bonds
Investments in Japanese real estate investment trusts are now more attractive than traditional financial assets such as domestic stocks and bonds thanks to the Bank of Japan’s unprecedented monetary easing, according to a report by staff of the world’s largest pension fund.

Soho China shares plunge 40% after Blackstone deal collapses; Failure to gain Beijing’s approval turns spotlight on property group’s colourful founders
Edward White, Hudson Lockett and Ryan McMorrow – FT
Shares in Soho China fell as much as 40 per cent on Monday after US private equity group Blackstone pulled its $3bn takeover of the Chinese property company last week.


20 Years After 9/11, the Twin Towers Are Everywhere; Steel fragments of the original World Trade Center buildings were distributed across the U.S., and beyond, to create thousands of local memorials.
Marie Patino – Bloomberg
When the 10-year anniversary of the 9/11 attacks approached in 2009, the Port Authority of New York and New Jersey assembled an Archive Committee to collect, catalog and disseminate material recovered from the World Trade Center site. The collection reflected the range of victims of the attacks: broken eyeglasses and office supplies from those who worked in the buildings, crushed fire and police vehicles from those who raced in to save them.

Twitter to let bot accounts self-identify as ‘good’ robots
Hannah Frishberg – NY Post
Are you a good bot or a bad bot? In a small step against disinformation, Twitter introduced a new feature on Thursday to let “good” bot accounts self-identify as such and receive a profile label to alert others to their kind robot status.

‘Black Capitalism’ Promised a Better City for Everyone. What Happened? In the wake of nationwide protests, corporate America has pledged to fight racism and support Black Americans. But a similar initiative started decades ago in Rochester shows it is a promise that is difficult to sustain.
Michael Corkery and Photographs by Todd Heisler – NY Times
The Panther Graphics printing plant sits along a row of red brick buildings and empty parking lots on the edge of a circular highway that separates this city’s downtown from a largely Black neighborhood to the north. Nearby, there is a warehouse, a Baptist Church and a billboard that warns “A Shot from A Gun Can’t Be Undone,” a reference to Rochester’s soaring murder rate.

George Soros Is Making Changes at His Foundation While He Still Can; The result is a painful restructuring to focus on the fight against rising authoritarianism around the world.
Nicholas Kulish – NY Times
The mass email that went out to Open Society Foundations’ grant recipients in the United States in March began with an upbeat note about “how resistance is translating into real progress.”

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