CME looks to lure retail traders with daily options frowned on in Europe

Jun 29, 2022

First Read

Hits & Takes
John Lothian & JLN Staff

The iPhone turns 15 years old today and it has changed my life. My brother Scott introduced me to the iPhone, as he was the first in the family to have one. I was impressed, intrigued and amazed when I saw it. When Jon Matte asked to come to work for me in 2007, one of the things I reflected on was that there was a line on Michigan Avenue in Chicago, not to buy a copy of the Chicago Tribune, but to buy an iPhone. This was a factor in coming up with the idea for MarketsWiki, as it was an inflection point in terms of how people were getting information. At the time, fewer people were reading paper copies of newspapers and more people were getting their news online, and now they could read it anywhere they went on their iPhone.

It was a time to try to build a new media paradigm. Building MarketsWiki as an online knowledge base about the global capital, derivatives, environmental and OTC markets was an ambitious idea, but it made sense for where we needed to go. With the trading floors closing and the intellectual capital on them dispersing, we needed a central location for knowledge about the markets to replace this resource.

I just bought an iPhone 13 Pro Max. I have been a loyal Apple customer since the iPhone came out. I replaced my Blackberry and never looked back. It has changed my life for the better and had an impact on yours too indirectly.

There is one sports championship above all others in the derivatives industry and that is the annual City Against MND Cricket Tournament for the David Setters Trophy. This year, the London Metal Exchange beat StoneX Group Inc. in what was described by David Setters as a “keenly contested final.” He said there was “No cigar this year for KRM22, Euronext and ICE or Verne Global but, as usual, great fun was had by all in the magnificent grounds of the Honorary Artillery Club.” Genesis Global and Ethypharm were sponsors of the event.

Besides playing the mystifying game of cricket, the tournament also raised over £22K. That brought the total to £125K for MND research since the event started in 2017. If you wish to add to the total, you can still donate HERE.

The board of ASX Limited (ASX) announced the appointment of Dr. Heather Smith as a non-executive director, replacing Dr. Ken Henry, who has announced his retirement from the board.

It is a good thing Ken Griffin is leaving Illinois after wasting $50 million in an attempt to play king-maker in the Illinois Republican governor’s primary election race and losing badly. His chosen candidate, Richard Irvin, the mayor of Elgin, Ill., did not prevail. Instead, the winning candidate was one backed by former President Donald Trump and aided by negative advertising from the Democratic Governor JB Pritzker. Maybe Griffin will have better luck in Florida.

Eurex’s Matt Scharpf, who is a professional musician on the side, will be playing a couple of gigs with his buddy Lou and a group called the Bad Dads up in the Lake Geneva, Wisconsin area in July. On Friday, July 29, Matt and Lou will be at Pier 290 in Williams Bay. Then, on Saturday, July 30, Matt, Lou and the Bad Dads will be at Chuck’s in Fontana. Chuck’s is the bar where Pat Kenny and Terry Duffy were bartenders many moons ago. Pat is now the president of Fontana. I have seen Matt play at both venues and it is a lot of fun, though Pier 290 is more family friendly.

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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Citadel’s Ken Griffin Loses $50 Million Bet in Billionaire Bout for Illinois Governorship; Richard Irvin, a suburban Chicago mayor seeking GOP nomination, falls short even after extensive support from state’s richest man
John McCormick – WSJ
Hedge-fund billionaire Ken Griffin lost his $50 million bet in the Illinois Republican primary for governor Tuesday after the suburban mayor he helped lift out of relative obscurity lost to a staunch conservative who benefited from Democratic advertising. Darren Bailey, a southern Illinois farmer and state senator endorsed last weekend by former President Donald Trump, was declared the GOP winner by the Associated Press. He will face Democratic Gov. J.B. Pritzker, a billionaire and the nation’s wealthiest elected official, on November’s ballot.
/jlne.ws/3QU5Txj

****** Once the polls for Richard Irvin showed he was hopelessly behind, the barrage of TV commercials suddenly disappeared. Good money was not thrown after bad, at least, or so it seemed to me.~JJL

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Artificial Intelligence and Its Role in Portfolio Management
AlphaMaven
There is a rigorous debate surrounding the role of Artificial Intelligence versus Human Intelligence in portfolio management. In this series Angelo Calvello, PhD, Co-Founder of Rosetta Analytics presents the case for artificial intelligence. He presents the debate by presenting the common objections to Artificial Intelligence and provides the viewer with well thought out arguments overcoming them. Along the way, the differences between Human Intelligence and Artificial Intelligence are examined in detail.
/jlne.ws/3NsEfoi

***** Angelo Calvello does a nice job of explaining AI and machine learning and how they relate to investing. The videos are worth a look. Now if he could just explain how he lost so much hair from the picture on the web page to the actual videos, that would be helpful. Time travel must be the answer.~JJL

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A hedge fund manager who moved to Miami from Chicago breaks down the pros and cons of living in the Magic City for employees of Ken Griffin’s Citadel — from food to crime to the weather
Reed Alexander – Business Insider
Since hedge fund founder James Koutoulas moved to Miami four years ago, he’s become the face of the city’s unofficial welcoming committee for Wall Street transplants. Now, Koutoulas is bracing for the next wave of finance industry migrants to crash ashore in Miami. Last week, billionaire Ken Griffin sent shockwaves through the industry when he announced that his financial-services empire would ditch its headquarters in the Windy City of Chicago for Miami’s lush palm tree paradise. Griffin’s announcement, which covers both the market-maker Citadel Securities and the $50 billion hedge fund Citadel, is perhaps the highest-profile stitch in a long narrative of financial-services firms moving to South Florida throughout the pandemic.
/jlne.ws/3nqorrA

***** When the greeting committee in town is James Koutoulas, maybe you might consider coming back to Illinois.~JJL

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Pro-China Agents Posed as Activists to Protest US, Canada Mines; Disinformation campaign targeted rare earth mining there; US investing in rare earth mineral mining to wean off China
Margi Murphy – Bloomberg
Pro-Chinese agents posed as concerned local residents on social media to try and spark protests over the opening of rare earth mines in the US and Canada, cybersecurity researchers said in a new report. The fake Twitter and Facebook accounts were created to give China, the largest producer of rare earth minerals, a competitive advantage, cybersecurity research company Mandiant disclosed on Tuesday.
/jlne.ws/3Af0b3q

****** Do you know who is influencing you online? This is why I have always posted with my real name and been as transparent as possible. There are many bad players out there, some of them professional bad players promoting disinformation or misinformation.~JJL

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Tuesday’s Top Three
Our most-clicked story Tuesday, by a lot, was Editorial: The great Ken Griffin exit and what it does and does not portend, from the Chicago Tribune. Second was Ernst & Young to Pay $100 Million Penalty for Employees Cheating on CPA Ethics Exams and Misleading Investigation, an SEC press release. Third was ESG at Cboe, from Cboe.

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MarketsWiki Stats
26,885 pages; 239,181 edits
MarketsWiki Statistics

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Lead Stories

CME looks to lure retail traders with daily options frowned on in Europe; Chicago exchange group launches contracts that track up or down moves in indices and commodities
Eric Platt and Joe Rennison – FT
CME Group plans to launch binary options in a push to woo more retail traders, offering a type of contract that regulators in much of Europe have banned as a form of gambling. The Chicago-based derivatives exchange operator on Tuesday said its so-called event contracts would be offered in September, allowing “individuals to trade their views on daily up or down price moves” in CME futures markets such as the S&P 500 stock index, gold or crude oil. https://jlne.ws/3nvPD89

In the Face of War and Pestilence, Clean Energy Keeps Growing; BP’s new data on world energy use show a rebound in fossil fuels, but wind and solar accounted for most of the growth in demand.
Liam Denning – Bloomberg
Covid-19’s remission wasn’t great for the energy transition. That’s the headline from BP Plc’s latest Statistical Review of World Energy. But 2021 was kind of a Newtonian year: an equal but opposite reaction to 2020’s pandemic-induced plunge. And not completely equal either. Although global oil demand rebounded by 5.5 million barrels a day, it remained below its pre-pandemic level. The International Energy Agency doesn’t expect demand to surpass 2019 until 2023. Coal consumption, for its part, jumped past 2019’s total, though didn’t quite reach its all-time peak of 2014. Only natural gas comfortably hit a new record. Still, fossil fuels rule the world, supplying 82% of primary energy demand.
/jlne.ws/3bDrf1J

Griffin’s Citadel Seen Behind Record $363 Million Miami Land Purchase; The firm’s headquarters shift to Miami began to accelerate months ago with a waterfront property in the city’s financial district.
Amanda L Gordon, Gillian Tan, and Tom Maloney – Bloomberg
Ken Griffin’s plans to shift Citadel’s headquarters to Miami from Chicago gained momentum months ago with a record-breaking acquisition on the South Florida waterfront. Griffin and his company were behind the $363 million purchase of a 2.5-acre (1-hectare) vacant site at 1201 Brickell Bay Drive, according to people familiar with the matter, who asked not to be identified discussing a private transaction. The end buyer had been obscured since the deal closed in April, shielded by a limited-liability company with a Chicago mailing address.
/jlne.ws/3bEUFwJ

Citadel Securities’ Business Head Nazarali Leaves for Joint Crypto Venture With Virtu; Firm’s head of business development named CEO of new platform; Market maker brings knowledge in traditional finance to crypto
Katherine Doherty – Bloomberg
Citadel Securities’ global head of business development, Jamil Nazarali, is leaving to head a joint venture the firm is building that’s intended to increase investors’ access to cryptocurrency. Nazarali, 54, was named chief executive officer of the platform the company is creating with Virtu Financial Inc., Charles Schwab Corp. and Fidelity Digital Assets, according to an internal memo seen by Bloomberg. He starts next week and will transfer his current responsibilities to Chief Operating Officer Matt Culek, Citadel Securities said in the memo.
/jlne.ws/3Nz7JRo

Behind the Celsius Sales Pitch Was a Crypto Firm Built on Risk; The lender had little cushion in the event of a downturn or mass withdrawals, investor documents show
Eliot Brown and Caitlin Ostroff – Bloomberg
Celsius Network LLC CEO Alex Mashinsky built his cryptocurrency lender into a giant on a pitch that it was less risky than a bank with better returns for customers. But investor documents show the lender carried far more risk than a traditional bank. The lender issued numerous large loans backed by little collateral, according to Celsius investor documents from 2021 reviewed by The Wall Street Journal. The documents show that Celsius had little cushion in the event of a downturn, and made investments that would be difficult to quickly unwind if customers raced to withdraw their money. Celsius didn’t respond to requests for comment from the Journal.
/jlne.ws/3ytFsaL

‘Bitcoin Jesus’ Roger Ver Spars With Crypto Exchange CoinFlex Over Margin Call; CoinFlex says served Ver notice of default on $47 million; Investor denies he defaulted on debt owed to CoinFlex
Yueqi Yang, Sonali Basak, and Olga Kharif – Bloomberg
A public dispute between a longtime crypto investor and a digital-asset exchange is the latest in a series of mini-crises that have rocked crypto markets in recent weeks. CoinFlex, a crypto exchange, on Tuesday named Roger Ver as the counterparty who failed to pay $47 million of stablecoin in a margin call. CoinFlex had previously disclosed a liquidity issue that led to the exchange pausing withdrawals. CoinFlex CEO Mark Lamb said in a tweet that the company served Ver, who is an investor in the exchange and was an early promoter of Bitcoin, with a notice of default.
/jlne.ws/3QPtgbk

How ESG’s Reckoning May Eventually Pay Dividends; Greenwashing and middling returns bedevil the investing strategy now, but some see a better future for the unification of sustainability and finance.
Tim Quinson – Bloomberg
A lot has been written lately about how ESG is in crisis. At best, critics see the embattled investment strategy at a critical crossroads; at worst, they judge the inexorable primacy of Wall Street greed over species survival as having doomed it from the start.
/jlne.ws/3a1ATeg

Grayscale Spot Bitcoin ETF Comes With a Catch
Katherine Greifeld – Bloomberg
Be careful what you wish for. The deadline for US regulators to rule on Grayscale Investments LLC’s campaign to convert its Bitcoin trust into a spot ETF is just days away on July 6. No matter the outcome, Grayscale is going to lose. The first scenario is simple: the Securities and Exchange Commission flat out denies the application, citing the usual concerns of potential fraud and manipulation that it has trotted out in similar denials. This is what both the crypto contingent and the ETF industry expect will happen. The second scenario is a little more nuanced. In its current form, the Grayscale Bitcoin Trust (ticker GBTC) charges shareholders a 2% fee. While it has shed billions of dollars in market value over the past few months, it still has $13.3 billion in assets. That means Grayscale collects a tidy $233 million or so per year.
/jlne.ws/3QVsY2M

Ken Henry closes his corporate chapter with ASX retirement
Sarah Danckert – Sydney Morning Herald
Former Treasury Secretary Ken Henry is planning to retire from his last remaining corporate directorship, with stock exchange operator ASX Ltd announcing the former bureaucrat and environmental protection enthusiast will step down in September. The hairy-nose wombat lover retains a number of directorships in the not-for-profit sector, including several social-environmental foundations such as Accounting for Nature, Australian Climate and Biodiversity Foundation and The Cape York Partnership Group.
/jlne.ws/3a4QjhJ

Ken Henry resigns from ASX board
Cassandra Balenii – Financial Standard
The ASX board has announced the departure of non-executive director Ken Henry, appointing Heather Smith in the role. Henry announced his retirement, stating he will not seek re-election when his term expires at the 2022 annual general meeting. nHe has served on the board since February 2013 and is a member of the audit and risk committee and the nomination committee. ASX chair Damian Roche praised Henry’s nine-year contribution. “Ken has been an outstanding director of ASX and brought formidable intellect and insight to the governance and oversight of our company,” he said.
/jlne.ws/3uePw4L

Crypto Crash Widens a Divide: ‘Those With Money Will End Up Being Fine’; No cryptocurrency investor has been spared the pain of plunging prices. But the fallout from more than $700 billion in losses is far from even.
David Yaffe-Bellany – NY Times
The cryptocurrency market was in ruins. But Tyler and Cameron Winklevoss were jamming. The billionaire twins, best known for their supporting role in the creation of Facebook, twirled and shimmied across the stage with their new cover band, Mars Junction, at a concert venue outside Denver last week, the latest stop on a coast-to-coast tour. They belted out hits like the Killers’ “Mr. Brightside” and Journey’s “Don’t Stop Believin’.” Tickets cost $25.
/jlne.ws/3y3mMNx

Russia Oil Price Cap a Sensible but Slippery Solution; A price cap on Russian oil is an ideal policy design for Western countries looking to curb soaring energy prices while minimizing Russia’s revenue. But it comes with substantial risks.
Jinjoo Lee – Bloomberg
The Group of Seven major economies’ proposal to cap the price of Russian oil is, in theory, an elegant one that can kill two birds with one stone: Curb inflation while minimizing Russia’s oil revenue. But it is also one that has potential to hurt everyone involved. The European Union’s ban on seaborne Russian crude oil imports begins in December, so a price cap would allow Europe, as well as other big importers such as India and China, to pay less until the ban goes into effect. Those two countries are reaping the financial benefit of discounted Russian crude today while many Western buyers have shunned shipments, bearing the costs.
/jlne.ws/3udcIAp

Crypto Fund Three Arrows Ordered to Liquidate by Court; Three Arrows Capital suffered losses in recent weeks due to a punishing decline in the value of cryptocurrencies
Serena Ng – WSJ
A British Virgin Islands court ordered the liquidation of Three Arrows Capital Ltd. after creditors sued the cryptocurrency hedge fund for failure to repay debts. Nichol Yeo, a parental law firm Solitaire LLP, said Three Arrows Capital is considering its options and seeking legal advice in the British Virgin Islands.
/jlne.ws/3NvU0uP

DeFi’s Existential Problem: It Only Lends Money to Itself; Crypto lenders’ exclusive focus on other crypto projects suggests their problems run much deeper than a Lehman-style liquidity crisis
Jon Sindreu – WSJ
Remember how the banking system self-destructs every few decades? Now imagine if banks only lent money to finance other banks, and you may get a notion of the house of cards that is “decentralized finance,” or DeFi. Cryptocurrencies keep nosediving, with bitcoin trading steadily below $20,000 for the first time since 2020. The chaos has spread to DeFi: Celsius, a top crypto lender with assets of around $20 billion, was recently forced to freeze deposit withdrawals. Last week, crypto exchange FTX said it was bailing out one of Celsius’ troubled competitors, BlockFi, with a $250 million loan, not long after rescuing crypto broker Voyager Digital.
/jlne.ws/3HZRlbo

Rice Is Saving Asia as Ukraine War Drives Up Food Prices; Unlike wheat and corn, rice has generally been cheaper this year than it was last year—a boon for many Asian countries where it is integral to diets
Jon Emont and Suryatapa Bhattacharya – WSJ
Russia’s invasion of Ukraine has driven up food prices around the world, but the situation is less grim in Asia. Thank rice. Following successive bumper crops, rice has emerged as a rare food commodity that has generally been cheaper this year than it was last year. That’s great news for the billions of people who live across the swath of Asia where the grain is a popular staple, from India to Thailand, Vietnam and Japan. The region encompassing South, Southeast and East Asia produces and consumes more than 80% of the world’s rice, according to data from the U.S. Department of Agriculture.
/jlne.ws/3OLVyBK

Southwest Airlines employs a crack team of 4 fuel traders to hedge energy prices — and they’ve saved the company $1.2 billion this year
Theron Mohamed – Markets Insider
A crack team of four fuel traders at Southwest Airlines have saved the company a whopping $1.2 billion this year, the Financial Times reported this week. Southwest’s hedges have slashed its estimated fuel costs by 70 cents to between $3.30 and $3.40 a gallon this quarter, the carrier disclosed in a recent trading update. It pegged the fair market value of its fuel-derivative contracts for this year at $1.2 billion. The company’s treasurer, Chris Monroe, and his team trade crude-oil derivatives as a proxy for jet fuel. They deal with Goldman Sachs, JPMorgan, and seven more of Wall Street’s shrewdest commodity-trading desks, the FT said.
/jlne.ws/3y8SclQ

SEC Includes Novel Probe Into Lawyers’ Actions in EY Settlement; Regulator says auditing company has to pay for an outside probe that seeks to get behind the curtain protecting lawyers’ advice
Dave Michaels – WSJ
Wall Street’s top cop is putting the screws to one of the world’s biggest audit firms—and going after its lawyers, too. As part of a $100 million enforcement action announced Tuesday against Ernst & Young, the Securities and Exchange Commission demanded the firm undertake a separate, follow-up investigation into the actions of its own lawyers and managers. The SEC accused EY of misleading regulators about an internal report of cheating on required ethics exams, and suggested the firm’s lawyers and other executives were aware of the tip but failed to reveal it.
/jlne.ws/3OwuLJQ

World Not on Track to End Hunger and Cut Farm Emissions, UN Says; Food and Agriculture Organization, OECD issue outlook; Reversing trends would require major overhaul this decade
Megan Durisin – Bloomberg
The global agriculture sector won’t eradicate hunger by the end of the decade or meet climate goals from the Paris Agreement without a major overhaul, key agencies cautioned Wednesday.
/jlne.ws/3QYHDub

Don’t Cheat on the Ethics Exam; Also CoinFlex, Spirit and cheerleading for risk.
Matt Levine – Bloomberg
To become a certified public accountant in the US, you need to pass four separate exams administered by the American Institute of Certified Public Accountants, which test your knowledge of business, financial accounting, regulation and the auditing process. The exams include multiple-choice questions and simulations; each exam takes four hours and is administered at a Prometric test center. Candidates are fingerprinted at the test center to make sure that they are who they say they are. Historical pass rates for most of the exams are around 50%. There are also education and work-experience requirements before you can call yourself a CPA.
/jlne.ws/3yrRJfG

DWS woes put spotlight on the limits of its independence; Asset manager is listed but German corporate structure allows parent Deutsche Bank to call the shots
Olaf Storbeck – FT
When Deutsche Bank listed its asset management arm DWS in 2018, it thought it had engineered a neat solution for a strategic problem. Unshackled from its scandal-prone parent, the value of one of Europe’s biggest fund managers should become more visible. It would also raise capital for Deutsche without diluting its own shareholder base. And equipped with its own shares as a valuable acquisition currency, DWS could also lead the consolidation in global asset management.
/jlne.ws/3Af63tk

ETFs to go live on China-Hong Kong Stock Connect from Monday; Regulators in China and Hong Kong have agreed last month to include ETFs by Mainland and Hong Kong exchanges in Stock Connect, with the live date now set.
Jonathan Watkins – The Trade
Exchange-traded funds (ETFs) will be traded through the China-Hong Kong Stock Connect scheme from Monday, 4 July 2022, it has been confirmed. The initiative allows Mainland and Hong Kong investors to trade eligible stocks and ETFs listed on each other’s exchanges through local securities firms or brokers.
/jlne.ws/3R13YY6

Ukraine Invasion

‘This is our 1937 moment,’ the U.K.’s new army chief says of the war.
Euan Ward and Stephen Castle – NY Times
The British Army must act rapidly to prevent any further military action by President Vladimir V. Putin of Russia beyond the borders of Ukraine, the force’s new head said on Tuesday, adding that Britain must be ready to defend NATO territory if necessary. “This is our 1937 moment,” the military leader, Gen. Patrick Sanders, said, making reference to Western Europe’s failure to confront Nazi Germany’s territorial expansion in the years preceding World War II. “We are not at war, but we must act rapidly so that we aren’t drawn into one through a failure to contain territorial expansion.” The British army chief’s comments, part of his first speech since taking up his post, came as Prime Minister Boris Johnson of Britain prepared to meet Western leaders at a NATO summit in Madrid, where they are expected to agree on the alliance’s biggest overhaul since the end of the Cold War.
/jlne.ws/3bASev8

Trudeau Says Canada May Expand Energy Support for Europe
Brian Platt – Bloomberg
Canadian Prime Minister Justin Trudeau says his country is looking at expanding energy infrastructure to help Europe over the “medium term” to transition away from Russian oil and gas. Trudeau, speaking to reporters in Elmau, Germany at the end of a Group of Seven summit, said there are opportunities to build facilities that could export liquefied natural gas to the continent, without giving specifics. The infrastructure could then be used for hydrogen exporting in the future, he said, keeping it consistent with Canada’s longer term climate goals. Canada is “looking in the medium term at expanding some infrastructure, but in a way that hits that medium term and long term goal of accelerating the transition not just off Russian oil and gas, but off of our global dependence on fossil fuels because of the impacts of climate change,” Trudeau said.
/jlne.ws/3NuTI76

NATO to Boost Troop Levels in Biggest Overhaul Since Cold War; US President announces boost in military presence in Europe; Zelenskiy to address NATO on fighting Russian invading army
Natalia Drozdiak, Jordan Fabian, and Kati Pohjanpalo – Bloomberg
NATO leaders prepared to overhaul and boost the alliance’s defences in the face of Russian aggression in Europe, including establishing a new force model that would put about 300,000 troops on high alert to deal with any future threats.
/jlne.ws/3AcR2Io

UK Sanctions Richest Russian, Sparking Fears Over Metal Supplies; Unclear if sanctions extend to mining giant Norilsk Nickel; Nickel and palladium prices jump amid concerns about supplies
Jack Farchy – Bloomberg
The UK government imposed sanctions on Vladimir Potanin, Russia’s richest man and the president of MMC Norilsk Nickel PJSC, in the latest escalation of economic measures against Moscow. Potanin, whose net worth is $37.1 billion according to the Bloomberg Billionaires Index, has until now largely avoided western sanctions that have been imposed on other members of the Russian elite. He was sanctioned by Canada in April.
/jlne.ws/39Z5gSy

Russian court postpones ruling on whether to label Mariupol regiment as terrorists
Reuters
Russia’s Supreme Court on Wednesday postponed for the second time a hearing on whether to designate Ukraine’s Azov Regiment, which defied besieging Russian forces for weeks in Mariupol, as a terrorist entity.
/jlne.ws/3OS0BjY

U.S. accuses five firms in China of supporting Russia’s military
Alexandra Alper – Reuters
U.S. President Joe Biden’s administration added five companies in China to a trade blacklist on Tuesday for allegedly supporting Russia’s military and defense industrial base, flexing its muscle to enforce sanctions against Moscow over its invasion of Ukraine.
/jlne.ws/3ypN8uy

Ukraine tells NATO Russia wants to dictate future world order
Pavel Polityuk – Reuters
Ukrainian President Volodymyr Zelenskiy told NATO leaders on Wednesday his country needed more advanced weapons and money to defend itself against Russia, warning that Moscow’s ambitions did not stop at Ukraine.
/jlne.ws/3xV92o0

Exchanges, OTC and Clearing

Dr Heather Smith appointed to the ASX board & Dr Ken Henry to retire ASX
ASX
The Board of ASX Limited (ASX) continues its renewal process, announcing the appointment of Dr Heather Smith as a non-executive director with effect from today and the upcoming retirement of Dr Ken Henry. Dr Smith has a PhD in Economics from the Australian National University (ANU) and spent 20 years in the Australian Public Service, culminating in being Secretary of the Department of Industry, Innovation and Science (2017-2020), and before that Secretary of the Department of Communications and the Arts (2016-2017). She has also held senior positions in the departments of Prime Minister and Cabinet (including heading the Prime Minister’s taskforce on Innovation), Foreign Affairs and Trade, and the Treasury, as well as the Office of National Intelligence. She began her career at the Reserve Bank of Australia in 1988.
/bit.ly/3sGw54D

CME Group to Launch Event Contracts on September 19
CME Group
CME Group, the world’s leading derivatives marketplace, today announced it will launch event contracts on September 19, pending regulatory review.
Designed especially for the retail audience, these contracts will allow individuals to trade their views on daily up or down price moves in some of the world’s most widely quoted benchmark futures markets, beginning with E-mini S&P 500, E-mini Nasdaq-100, E-mini Dow Jones Industrial Average, E-mini Russell 2000, crude oil, natural gas, gold, silver, copper and Euro FX.
/bit.ly/3a0KQZn

ICE Promotes New Leaders at Futures Exchanges
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced the succession of new leaders to serve as its presidents of several of its key futures exchanges, including ICE Futures Europe, ICE Futures U.S., ICE Futures Singapore, and ICE Endex, among other roles announced today.
“ICE has always benefitted from creating and cultivating a deep bench of talent across our global operations, allowing us now to elevate the next generation of leaders of several of ICE’s exchanges around the world,” said Trabue Bland, President of ICE Futures U.S. “These new presidents have broad experience in the markets and will assume responsibility of running our exchanges in Europe, the U.S. and Asia, serving market participants with benchmark prices across almost every asset class.”
/bit.ly/3y5t6nN

REGIS-TR and Regnology strengthen partnership to serve financial stability in transaction reporting
29 June, 2022
BME-X
The firms’ partnership facilitates transaction reporting for customers ahead of the implementation phase of EMIR REFIT.
Regnology, the leading international provider of innovative RegTech, SupTech and Tax Reporting solutions, has officially joined REGIS-TR’s Partnership Programme. Reflecting the existing and ongoing collaboration over the past years, the official partnership is a continuation of the common work in transaction reporting, offering end-to-end solutions and services to increase efficiency within the regulatory reporting market.
/bit.ly/3nvjw8A

New Product: Initial Listing of Two (2) Physically-Delivered CBL Global Emissions Offset Trailing Futures Contracts – Effective August 08, 2022
CME Group
Initial Listing of Two (2) Physically-Delivered CBL Global Emissions Offset Trailing Futures Contracts
/bit.ly/3QVLtUN

Update to Exemption of Trading Fee for Securities Market Maker Transactions
in Exchange Traded Products
HKEX
With effect from 1 August 2022, the rate of exemption of Trading Fee for Securities Market Maker Transactions in Exchange Traded Products will be updated based on the quarterly review.
/bit.ly/3QTTkSF

06/29/2022, 10-24 (Moscow time), the values ??of the lower limit of the price corridor and the range for assessing market risks of the JPY/RUB currency pair have been changed.
MOEX
In accordance with the Methodology for Determining the Risk Parameters of the Foreign Exchange Market and the Precious Metals Market of the Moscow Exchange PJSC on June 29, 2022, 10-24 (Moscow time), the values ??of the lower limit of the price corridor were changed (to RUB 38.3221 in the mode with TOD calculations) and market risk assessment range (up to RUB 37.1392, equivalent to a rate of 14.31%) of the JPY/RUB currency pair.
/bit.ly/3QWimkk

Expanded Opening And Intra-day Quote Width Requirements And MIAX Order Monitor Settings For Certain Symbols Trading On MIAX Options And MIAX Emerald Through Friday, September 30, 2022
MIAX
/jlne.ws/3xV2XrG

Nadex Adds Definition of “Business Day” and Clarifies Contract Issuance
Nadex
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”), Nadex submitted notice to the Commission that Nadex is adding the definition of “Business Day” to Chapter 1 (Definitions) of the Rulebook and clarifies the description of contract issuance in Rule 12.1, to note that the description does not necessarily apply to the issuance of contracts during a holiday week. These amendments will become effective July 15, 2022.
/jlne.ws/3u7YOQc

Nadex Amends Listing Hours for the Week of July 4, 2022 Due to the Independence Day Holiday
Nadex
Nadex will observe the following modified holiday schedule during the week of July 4, 2022 for the 2022 Independence Day Holiday: Monday, July 4, 2022: The Exchange will open at its regular time at 6:00pm ET on Sunday evening for trade date Monday, July 4, 2022. The Exchange will list a limited offering of contracts and will close at 11:00am ET. Contracts will be listed as follows:
/jlne.ws/3nnzfXp

Climate Impact X Selects Nasdaq Technology to Power New Global Carbon Exchange
Nasdaq
Nasdaq (Nasdaq: NDAQ) and Climate Impact X (CIX), a global marketplace and exchange for quality carbon credits, today announced a strategic technology partnership that will help unlock price transparency and liquidity in the voluntary carbon market. The agreement will see CIX leverage Nasdaq’s robust matching technology to power its spot trading platform, which will launch in early 2023 for financial institutions and institutional investors worldwide.
/jlne.ws/3OSM5sf

Nasdaq Welcomes 108 IPOs in the First Half of 2022; 7 of the 10 largest IPOs by proceeds raised listed on Nasdaq; 78% of all proceeds raised through IPOs listed on Nasdaq
Nasdaq
Nasdaq (Nasdaq: NDAQ) announced today that in the first half of 2022 it welcomed 108 initial public offerings (IPOs), raising a total of $12 billion. A total of 49 operating companies and 59 SPACs listed on Nasdaq during the first six months of 2022, representing an 87% win rate in the U.S. market, and extending Nasdaq’s leadership to 34 consecutive quarters. In addition to the IPOs, 6 companies transferred their corporate listing to Nasdaq, representing a combined $8.6 billion in market value.
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Changes in Fixed Income Indices
NSE
The Index Maintenance Sub-Committee – Debt of NSE Indices Limited, as part of its monthly review, announces the following changes in Nifty India Select 7 Government Bond Index (INR) and Nifty India Select 7 Government Bond Index (USD).
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Revision in methodology for treatment of Special Dividend
NSE
The Index Maintenance Sub-Committee – Equity of NSE Indices Limited has decided to revise the methodology for treatment of special dividend in the price return index as mentioned hereunder pursuant to SEBI circular SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2022/90 dated June 28, 2022.
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SET Appoints Senior Executives, Effective From July 1, 2022
Mondovisione
The Stock Exchange of Thailand (SET) has appointed Rongrak Phanapavudhikul as Senior Executive Vice President (SEVP) – Head of Legal Affairs Division, and supervising the Corporate Secretary & Compliance Group, and Social Responsibility Management Department. In addition, SET has also appointed Chakkaphan Tirasirichai as Executive Vice President (EVP) – Head of Product Development Group, Market Division, and Rosyupa Migasena as Executive Vice President (EVP) – Head of Member & Market Surveillance Group, Market Supervision Division. They will assume the new positions starting from July 1, 2022 onwards.
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Shenzhen Stock Exchange’s Press Conference On Revision To The Implementation Measures On Shenzhen-Hong Kong Stock Connect Business And Other Business Rules
Shenzhen Stock Exchange’s
On 24 June 2022, SZSE released the Implementation Measures of SZSE for Shenzhen-Hong Kong Stock Connect Business (Revised in 2022) (S.Z.S. [2022] No. 607) (the “Implementation Measures”), the Mandatory Provisions of Risk Disclosure Statement for Hong Kong Stock Connect of SZSE (Revised in 2022) (S.Z.H. [2022] No. 195) (the “Mandatory Provisions of Risk Disclosure Statement”) and Mandatory Provisions of Entrustment Agreement for Hong Kong Stock Connect of SZSE (Revised in 2022) (S.Z.H. [2022] No. 195). SZSE Press Secretary answered the questions of reporters with respect to relevant matters.
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Fintech

Substantive Research Study Reveals Deep Inconsistencies In Market Data Pricing – Industry-First Market Data Spend Analytics Service Launched To Shine A Light Into This Opaque Market
Mondovisione
Substantive Research, the research discovery and research spend analytics provider for the buy-side, today published headline conclusions on the current state of the Market Data pricing market, based on insights generated by its new Market Data Spend Analytics service.
/jlne.ws/3OoVQid

Coinmetro Releases New Mobile App for the Next Wave of Crypto Investors
Coinmetro Group
Coinmetro, a fast-growing European-based digital currency exchange, has released the newest version of its mobile application, aiming to reduce the barrier to entry and attract crypto novices with an even more intuitive design and new features.
/jlne.ws/3OzsldC

ADT Is Betting Google Can Drag It Into the Future; The century-old security giant best known for its octagonal blue logo is banking on a smart-home partnership with a company that’s also one of its biggest threats.
Austin Carr and Mark Bergen – Bloomberg
Kneeling beneath a framed print of Thomas Kinkade’s painting A Peaceful Retreat, Roli Chiu, alarm system installer, began his work one day in March by unpacking boxes of devices inside a new customer’s living room. It would take him five hours to set up the system. He’d begin with the command panel in the grand foyer of the 4,000-square-foot home in a Palmetto Bay, Fla., gated community—then connect it to all the new door and window sensors, motion detectors, and smoke and carbon monoxide monitors. Yet Chiu, who estimates he’s installed systems at 15,000 homes in his two decades at ADT Inc., thought this one could benefit from a bunch of Google gadgets that the company would soon add to its portfolio. “When the Nest cameras come—oh my goodness—that’s going to be a game changer,” he said. “I love having Google on our side.”
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Amazon Cloud Unit on Course for $3 Trillion Value, Redburn Says
Subrat Patnaik – Bloomberg
Amazon.com Inc.’s cloud-storage business is on a clear path toward a $3 trillion value, almost triple what the whole company is worth now in the stock market, according to a Redburn Ltd. analyst. The unit, Amazon Web Services, is so powerful that the company may decide at some point to split it off from the massive, slower-growing online retail operation, analyst Alex Haissl wrote in a 128-page report initiating coverage of the cloud-computing industry. He didn’t say when the $3 trillion value may be achieved.
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Hedge fund manager Jim Chanos’s next ‘big short’ is data centres; Short seller bets against Reits that own big server warehouses on risks that customers will become rivals
Harriet Agnew – FT
Short seller Jim Chanos is betting against “legacy” data centres that now face growing competition from the trio of tech giants that have been their biggest customers. Chanos, who remains best-known for predicting the collapse of energy group Enron two decades ago, is raising several hundred million dollars for a fund that will take short positions in US-listed real estate investment trusts.
/jlne.ws/3HYWOPV

Buy-side institutions paying five times as much as peers for reporting licenses, finds report; According to Substantive Research, prices paid by buy-side institutions massively vary across reporting licenses, index access and index products.
Annabel Smith
Buy-side institutions are paying up to five times as much as their peers for some data products, a report by Substantive Research has found. Prices range by 472% from the highest to lowest for reporting licences while prices received for supplying a single index from the same provider ranges by 219%.
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Banks warn of fraud ‘epidemic’ as losses soar from authorised push payment scams; Fake investments and fraudsters impersonating the police cost victims the most, says UK Finance
Siddharth Venkataramakrishnan – FT
The UK is facing an “epidemic of fraud”, driven by a surge of scams where victims are tricked into sending cash to fraudsters’ accounts, according to a financial services trade body. The more than £580mn lost in 2021 in this type of scam known as authorised push payment fraud — a 40 per cent increase, year on year — reflects criminals’ efforts to exploit the pandemic, according to a report by UK Finance published on Wednesday.
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Cybersecurity

Accused ‘NetWalker’ Ransomware Hacker Agrees to Plead Guilty; Former Canadian government employee extradited to US this year; NetWalker crew extorted $46 million from victims, report says
Jeff Stone – Bloomberg
A former Canadian government employee has agreed to plead guilty in the US to charges that he worked for a ransomware gang that researchers say has reaped almost $50 million in illegal payments during the past two years.
/jlne.ws/3HYtXLy

Pro-China digital campaign targets mining firms – cybersecurity report
Zeba Siddiqui – Reuters
A pro-China propaganda campaign used fake social media accounts to try to stir up opposition, including protests, against mining firms that challenge China’s business interests, U.S.-based cybersecurity firm Mandiant said on Tuesday.
While politically motivated disinformation campaigns on social media have grown increasingly common, researchers say, such an operation targeting a specific industry of strategic importance to China is rare.
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How AI Can Help Solve Cybersecurity’s Predicament
Gopi Sirineni – Forbes
Cyberattacks have evolved to the point where they are among the greatest threats to personal, private and national security. This problem has its roots in profound decisions made about device architecture decades ago. It’s safe to say that when the earliest data servers were being introduced, no one could have imagined how rapidly societies would migrate to digital environments and cloud computing. Brick-and-mortar businesses have been supplemented by or even outright replaced by 24/7 online storefronts, and access to them has expanded from desktop PCs to mobile devices, driving convenience for customers, profit for businesses and efficiency for both.
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Crypto crash threatens North Korea’s stolen funds as it ramps up weapons tests
Josh Smith – Reuters
The nosedive in cryptocurrency markets has wiped out millions of dollars in funds stolen by North Korean hackers, four digital investigators say, threatening a key source of funding for the sanctions-stricken country and its weapons programmes.
/jlne.ws/3xVFmXG

Lithuania Faces ‘Intense’ Cyber Attack Amid Kaliningrad Standoff; Defense Ministry points to Russia-linked hacker group Killnetl; Scale of attack is unprecedented, defense chief says
Milda Seputyte – Bloomberg
Lithuania’s defense chief said the Baltic nation has come under an unprecedented cyber attack this week after the government announced it would start blocking the transit of sanctioned goods to the Russian exclave of Kaliningrad. “This cyber war has been ongoing non-stop for many years,” Defense Minister Arvydas Anusauskas told LRT radio on Tuesday. “But this scale and intensity, which is perhaps not yet the highest but medium, is taking place for the first time.”
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Pro-China group attacks US rare earths plant in fake social media posts; Cyber campaign comes as Washington tries to boost self-sufficiency in critical minerals
James Fernyhough – FT
A pro-Chinese government group has impersonated environmental campaigners on social media platforms in an effort to undermine rare earths producers in the US and Canada, according to a cyber security consultancy. Mandiant said the group behind the attacks, known as Dragonbridge, had used fake Facebook and Twitter accounts to claim a US government-funded rare earths refinery in Texas being built by Australian group Lynas Rare Earths would “expose the area to irreversible environmental damage” and “radioactive contamination”.
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Fraud epidemic: antidote urgently required; Record levels of online fraud in the UK show a vastly different approach is needed
Claer Barrett – FT
There aren’t many things Britain is truly “great” at these days. Yet there’s one part of the fast-moving fintech economy where the UK is the undisputed world leader. Unfortunately, it is fraud. Criminals scammed UK banking customers out of a record £1.3bn in 2021, according to figures released this week by UK Finance.
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Cryptocurrencies

Crypto exchange CoinFlex says one of the most prominent names in the industry defaulted on $47 million USDC debt; Roger Ver appears to dispute accusation, denying ‘rumors’ of default
Frances Yue – MarketWatch
Crypto exchange CoinFlex’s chief executive Mark Lamb said Tuesday that it issued a notice of default to Roger Ver, an early crypto investor and founder of Bitcoin.com, alleging that Ver failed to meet a margin call and owes the exchange $47 million USDC. Lamb made the comments on Twitter after Ver tweeted Tuesday rumors that he defaulted on debt to a counterparty are false. “Not only do I not have a debt to this counterparty, but this counterparty owes me a substantial sum of money, and I am currently seeking the return of my funds,” Ver wrote. Ver did not identify the counterparty. Ver pointed MarketWatch to the tweet after being asked for comment.
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India’s CoinDCX says it restricted crypto withdrawals
Pradipta Mukherjee – Forkast
“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said.
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India’s cryptocurrency exchanges are shifting to friendlier countries
Mimansa Verma – Quartz India
India’s unclear stance on virtual assets and regressive tax policies are forcing its cryptocurrency trading platforms to shift to friendlier countries. Nischal Shetty and Siddharth Menon, the co-founders of cryptocurrency exchange WazirX, have moved to Dubai with their families, the Indian Express reported today. Firms like ZebPay and Vauld have moved to Singapore, while CoinDCX now has a Singapore arm. The recent global cryptocurrency crash, along with stringent rules and regulatory tweaks in India, has hit the industry that peaked in November 2021. Many such platforms have now paused operations related to payments, deposits, and withdrawals. “We are in a bear market right now…many people who are building crypto and Web 3.0 products are moving to jurisdictions with more policy clarity,” the Indian Express quoted an unnamed top executive of one such exchange.
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Celebrity-Endorsed Crypto Scams Soaring in UK, Santander Says; Case volumes jumped 61% in 1Q from prior three months; Branson brought attention to the issue in June interview
Tanzeel Akhtar – Bloomberg
Celebrity-endorsed cryptocurrency scams in the UK are on pace to almost double this year, Banco Santander SA’s local unit said. “Case volumes” jumped 61% in the first quarter from the prior three months, Santander said in a statement on its website on Tuesday. The average value of the scams was £11,872 ($14,540), up 65% from a year earlier. Around £2 million was lost to such schemes in the quarter, according to the bank.
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Where is the UK on Consumer Protection in Digital Assets? Britain hopes to shape itself as a destination for crypto investors, but that also means creating boundaries to protect consumers.
Victoria Vergolina – Bloomberg
Rishi Sunak, the UK Chancellor of the Exchequer, plans to establish the country as a global hub for crypto. He’s got some catching up to do: The competition between countries trying to attract crypto talent is only intensifying. But this environment, in which some politicians seem prepared to make major concessions to the crypto industry, gives rise to an important question: Who’s standing up for consumer protection? Bloomberg reporter Will Shaw joins this episode to discuss the regulatory landscape for consumer protection in digital assets in the UK.
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Napster, Former Music Industry Nemesis, Plans Crypto Comeback; Will launch $NAPSTER token as part of business overhaul
Brevan Howard’s crypto wing among consortium of investors
Emily Nicolle – Bloomberg
Napster, the brand that became synonymous with free music to a generation of consumers, plans to rebuild its business around cryptocurrencies and nonfungible tokens, even as demand for such assets has slumped. The streaming platform’s revamp is part of a take-private acquisition by Hivemind Capital Partners, former Citigroup Inc. executive Matt Zhang’s crypto venture. The UK-based company plans to launch its own token, $NAPSTER, which music fans can use to buy tickets and experiences from artists on its new platform, said Zhang and Napster’s Chief Executive Officer Emmy Lovell.
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NFTs Have ‘Fallen Off the Cliff’ as Sales Sink to Lowest Levels in a Year; Sales have plunged this month to below the $1 billion mark; The JPG NFT Index is down by about 70% since its April launch
Olga Kharif – Bloomberg
The market for nonfungible tokens — such as artwork of bored apes and pudgy penguins — has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks.
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You Can Give People What They Want. Or You Can Give Them Web3; Silicon Valley has been powered by a dogmatic fealty to customer needs. So how did the industry get so besotted with turning the internet over to crypto?
Max Chafkin – Bloomberg
Seventeen years ago, Paul Graham, then a relatively obscure web developer, gave a talk at Harvard titled “How to Start a Startup.” The lecture, which Graham adapted into a widely read essay, argued for a vision of entrepreneurship that was more limited than what had been attempted during the dot-com bubble. He suggested that entrepreneurs should be skeptical of venture capitalists, that they should be obsessively cheap, and that they should focus on small, unsexy markets. Above all, Graham urged founders to seek out customers from the very beginning and to respond to their needs. “Make something customers actually want,” he said.
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Politics

Finland and Sweden poised to join Nato after Turkey drops veto; Nordic countries ease Erdogan’s concerns they have been too accommodating towards extremist groups
Henry Foy and Laura Pitel – FT
Turkey has dropped its opposition to Finland and Sweden becoming members of Nato, paving the way for the Nordic countries to join the alliance in response to Russia’s invasion of Ukraine. The three countries signed a joint memorandum after hours of talks on Tuesday brokered by Nato, ending a six-week veto by Ankara linked to terrorism concerns. The agreement on the eve of Nato’s annual summit in Madrid ended a dispute that threatened to overshadow an event billed as a demonstration of unity against Russia, support for Ukraine and the alliance’s 10-year “strategic concept”, which is designed to revamp its approach to defending its eastern European allies. “Our foreign ministers signed a trilateral memorandum, which confirms that Turkey will at the Madrid summit this week support the invitation of Finland and Sweden to become members of Nato,” Finland’s president Sauli Niinistö said. “The concrete steps of our accession to Nato will be agreed by the Nato allies during the next two days, but that decision is now imminent.”
/jlne.ws/39YawFY

TikTok Is the New Front in Election Misinformation; The growing social media platform is far more viral and harder to police than Facebook or YouTube.
Tim Culpan – Bloomberg
He’s the son of a brutal dictator, fudged his own educational credentials, and his family owes up to $3.6 billion in estate taxes, yet he still won a landslide election to become the Philippines’s next president. When Bongbong Marcos gets sworn in Thursday, the 64-year-old might want to add Chinese short-video service TikTok to his thank you list.
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Regulation

The SEC has fired a warning shot to SPACs in its investigation of SoftBank-backed View. Here’s what could come next.
Hayley Cuccinello and Aaron Weinman – Business Insider
SoftBack-backed glassmaker View, Inc. was nearly kicked off Nasdaq barely a year after going public via a special purpose acquisition company for failing to fix inaccurate financial statements and file new ones. The California startup is now in the clear with the stock exchange after a flurry of filings in May and June, but View’s problems aren’t over yet. Last week, the window manufacturer revealed in its first-quarter filing that it has been under investigation by the US Securities and Exchange Commission since January. As the company found in an internal audit last November, View had understated its liabilities for defective windows in financial statements for 2019, 2020, and 2021. View manufactures eco-friendly glass for commercial building windows, which are typically covered by a 10-year warranty. According to View’s new statements, it faces warranty-related accruals of $42 million for defective products – over half of its 2021 revenue of $74 million. Now the SEC is investigating “the adequacy of View’s previously reported warranty accrual,” which was inaccurately stated at $23 million. View did not respond to a request to comment in time for publication.
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Simply Outrageous:’ EY Hit With $100 Million Fine After Audit Employees Cheat on CPA Ethics Exam; Almost 50 employees shared answer keys, regulator says; Firm admitted to lapses in paying a record auditor penalty
Matt Robinson – Bloomberg
Ernst & Young LLP admitted that dozens of its audit personnel cheated on the ethics portion of the Certified Public Accountant exam and that the firm misled US regulators probing the misconduct, according to the Securities and Exchange Commission.
/jlne.ws/3y2NZ2R

OSC publishes updated Service Commitment
Ontario Securities Commission
The Ontario Securities Commission (OSC) today published an updated Service Commitment, which provides investors, registrants and market participants with transparency on the standards and timelines they can expect when interacting with the OSC.
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When Voluntary Means Mandatory and Forever: Statement on In the Matter of Ernst & Young LLP
Commissioner Hester Peirce – SEC
I could have supported an enforcement action against Ernst & Young LLP (“EY”) based on the cheating by EY audit professionals on various examinations necessary to earn and maintain their Certified Public Accountant (“CPA”) licenses. Today’s settlement, however, also quietly sets the precedent that failing to correct a response to a voluntary information request received from the Securities and Exchange Commission (“SEC” or “Commission”) might be a strict liability offense punishable with outsized penalties and other costly remedial measures. Setting aside whether the remedies are commensurate to the alleged failure, the source and scope of this purported duty to correct—a duty that, if it exists, likely has profound consequences—is altogether unclear. Accordingly, I dissent.
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Bank of England warns that some firms may be systematically under-margined for UMR; In a review letter, the Bank of England’s Prudential Regulation Authority discussed issues related to SIMM calculations and the impact the upcoming regulation will have on hedge funds portfolios.
Wesley Bray – The Trade
The Bank of England’s Prudential Regulation Authority (PRA) highlighted issues related to Standardised Initial Margin Methodology (SIMM) model governance and firms’ capabilities to identify and remediate model underperformance. The review comes in light on the upcoming UMR Phase 6 deadline on 1 September, impacting the largest amount of buy-side firms thus far.
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TRACE at 20 – Reflecting on Advances in Transparency in Fixed Income
Stephanie Dumont and Ola Persson – FINRA
TRACE Anniversary
This Friday – July 1, 2022 – will mark the 20th anniversary of FINRA’s Trade Reporting and Compliance Engine, known as TRACE to everyone in the fixed income industry and regulatory community. TRACE is FINRA’s real-time, over-the-counter price dissemination service for the fixed-income market, bringing transparency to the debt markets, including corporate and agency debt as well as asset- and mortgage-backed securities. This milestone provides occasion to reflect on the history, impact and future of this pioneering platform – in fact, there is much on which to reflect.
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Regulation Best Interest and Form CRS: Two Years In
FINRA
June 30th marks the second anniversary of the implementation of Regulation Best Interest and Form CRS and we are celebrating with a deep dive into everything FINRA has learned on the topic over the last two years.
On this episode, Meredith Cordisco, associate general counsel with the Office of General Counsel, Scott Gilbert, vice president covering the large diversified firm group and alternative net capital group within Member Supervision, and Nicole McCafferty, senior director with the National Cause and Financial Crimes Detection Program, join us to talk about how FINRA is examining around the new regulations and explore some of the common problem areas and effective practices when it comes to complying with all that is now required.
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ASIC encourages submissions to the International Sustainability Standards Board consultation on global baseline climate and sustainability disclosures
ASIC
ASIC welcomes the significant progress toward establishing global sustainability reporting standards made by the International Sustainability Standards Board (ISSB). The ISSB has published two draft standards (Exposure Drafts) for consultation and ASIC encourages all relevant stakeholders to make a submission. Submissions are due by 29 July 2022.
/jlne.ws/3bxBYuK

ESMA updates on applications for recognition from U.S.- based CCPS
ESMA
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has announced its recognition of two central counterparties (CCPs) established in the United States (U.S.) as Tier 1 CCPs under the European Market Infrastructure Regulation (EMIR). These are the Fixed Income Clearing Corporation (FICC) and the Options Clearing Corporation (OCC).
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Culture shift for financial services as Conduct of Financial Institutions Bill passes
FMA – New Zealand
The Financial Markets Authority (FMA) – Te Mana Tatai Hokohoko welcomes today’s announcement from the Minister of Commerce and Consumer Affairs, confirming the Financial Markets (Conduct of Institutions) Amendment Bill, has been passed in Parliament. The Bill introduces a new legislative regime for banks, insurers, and non-bank deposit takers (NBDTs), which will now require a licence from the FMA for their conduct towards consumers.
/jlne.ws/3bEZDJT

Investing and Trading

Wharton Tops Ivy League Rivals for MBA Return on Investment; Alumni of the University of Pennsylvania’s business school have the highest earnings net of debt payments two years after graduation.
Paulina Cachero – Bloomberg
The Wharton School of the University of Pennsylvania offers MBA graduates the most bang for their buck, according to a new ranking. Two years after graduation, Wharton alumni made a median salary of $169,200, net of federal student loans. That topped the list of more than 700 graduate programs in business administration, management, and operations analyzed by the Georgetown University Center on Education and the Workforce, and is more than triple the median return among all MBAs.
/jlne.ws/3ucFp0h

Liquid Alt Funds Head for Record Inflows as Stocks and Bonds Drop; With performance varying widely and fees ranging from 0.5% to 3%, investors are reminded to be careful about due diligence
Eric Wallerstein – Bloomberg
The role of bonds as a hedge to stocks is Wall Street canon. When those markets fall in tandem, investors tend to scramble for other, sometimes riskier, forms of protection. Investors have poured more than $21 billion into liquid alternative mutual and exchange-traded funds this year through May, according to Morningstar Direct. That is on pace to beat last year’s record inflows of $38.3 billion.
/jlne.ws/3bF1hex

SPACs Send Warning Before Hitting $183 Billion Wall of Deadlines; Sponsors pull deals as SEC prepares crackdown, stocks sell off; About 700 SPACs have to complete mergers by late 2023
Bailey Lipschultz – Bloomberg
The SPAC market is reeling as the prospect of a recession and a push from regulators to clamp down on blank-check firms are delivering a one-two punch to an industry that appears to be facing more pain ahead. Ticketing platform SeatGeek Inc. and UK visual effects company DNEG Plc are among the 26 firms to call off mergers with special-purpose acquisition companies this year amid uncertainty in the broader markets and the industry. The De-SPAC Index, which is comprised of companies that completed their tie-ups, has been cut in half this quarter, bringing losses this year to 65% as it churns at record lows.
/jlne.ws/3a2ZwHA

Biggest Currency Rout Since 1997 Puts Asia Central Banks in Bind; Asian currencies are set for their worst quarter since 1997; Central banks face pressure to hike rates as prices surge
Karl Lester M Yap and Xiao Zibang – Bloomberg
The surge in the dollar has set Asian currencies on course for their worst quarter since 1997 and created a dilemma for central bankers. Policy makers already grappling with the fastest inflation in decades now face stark choices: forcefully raise borrowing costs to defend currencies and risk hurting growth, spend reserves that took years to build to intervene in foreign exchange markets, or simply step away and let the market run its course.
/jlne.ws/3nnEOVZ

Nocturnal enigma targeted by ETF launches; Funds hope to exploit mystery of stock markets performing best in after-hours trading
Steve Johnson – FT
The first exchange traded funds aiming to cash in on the puzzle of the “night effect” launched in the US on Tuesday. Academic research has shown that most of the gains chalked up by Wall Street actually happen overnight while the market is officially closed, amid the sparse after-hours trading that occurs on some electronic exchanges.
/jlne.ws/3ytLicb

Environmental, Social and Corporate Governance

Nuclear Could Make a Comeback in Sweden to Help Plug Power Gap; Vattenfall starts pilot study for new small reactors; Sweden is facing a power crisis, according to the government
Lars Paulsson – Bloomberg
Sweden may turn to a new breed of small nuclear reactors to help meet soaring demand for electricity over the next decade. State-owned utility Vattenfall AB said Tuesday it will start an 18-month study on whether it’s plausible to have at least two so-called small modular reactors adjacent to the Ringhals plant on the nation’s west coast. The Swedish government last week said the country is facing a power crisis and that all technologies should be considered when boosting supplies. If Vattenfall builds the new plants, it would underline a huge shift in the energy policy of a nation where atomic power was for many years seen as a thing of the past. But Europe’s energy crisis is upending policy and energy economics, and countries from France to the UK are also looking at the technology.
/jlne.ws/3y2ZbfR

Biden admin to hold first onshore drilling auctions in blow to climate agenda
Reuters
The U.S. Interior Department this week will hold its first onshore oil and gas auctions since President Joe Biden took office, a setback to his administration’s early efforts to end federal drilling to fight climate change. The lease sales will run Wednesday to Thursday and will cover more than 140,000 acres (570 square kilometers) across eight Western states, posing a test of the drilling industry’s demand for new prospects at a time of soaring global energy prices. Over 90% of the acreage will be in big oil producing state Wyoming, with the rest sprinkled across Colorado, Montana, Nevada, New Mexico, North Dakota, Oklahoma, and Utah. A federal judge last year effectively compelled the auctions by blocking the Biden administration’s decision to suspend the federal oil and gas leasing program over its climate impacts.
/jlne.ws/3AciA0w

UK Power Grid Investors Set for Higher Returns Than Expected; Regulator announces grid budget for green energy transition
Grid being expanded to connect EVs, renewable-energy projects
Rachel Morison and Todd Gillespie – Bloomberg
Investment returns from UK power network operators are set to be higher than analysts expected as the regulator unveiled a £20.9 billion ($25.5 billion) budget for expanding the grid for the green-energy transition.
/jlne.ws/3nmcKlP

Google’s Cloud Customers Will Learn Their Gmail Carbon Footprint; The company is extending tools to help customers count emissions
Davey Alba – Bloomberg
Google’s cloud-computing division is preparing to reveal the carbon footprint for its Workspace apps, including Gmail and Docs, as it builds out its suite of tools to help customers assess their impact on the environment.
/jlne.ws/3I0Ezte

ESG Consultant Shortage Looms as Corporate Reporting Race Begins; Limited pool of corporate advisers to tackle climate reporting; Unclear rules compound challenges finding vendors
Amanda Iacone and Stephen Lee – Bloomberg Law
Big accounting firms, tech companies, and even climate boutiques stand to rake in billions helping Wall Street companies create investor-ready regulatory filings detailing climate concerns. Companies are quickly finding, however, that there’s a limited pool of specialized consultants to help them report air pollution and meet proposed SEC reporting requirements. That lack of talent is emerging as a major stumbling block as corporate climate reporting shifts from voluntary and niche to mandatory and mainstream.
/bit.ly/3nqOqyZ

Food, Beverage Makers Rethink Marketing After Flood of ESG Suits; Consumers target greenwashing, labor and animal rights violations; Food companies must better back up their advertising
Clara Hudson – Bloomberg Law
The food and beverage industry faces pressure to clean up its marketing following a flood of lawsuits that target big-name companies like Coca-Cola Co. and Nestle SA over greenwashing and other misleading claims. Lawsuits targeting advertising in the food industry are at a peak, lawyers say. As a result, companies are looking to alter the way they present products and better back up claims they make about sustainability and other ethics-based selling points.
/bit.ly/3ud8PLP

Shorting for ESG: Could liquid alternatives be part of the next wave of responsible investments?
An ongoing debate for the industry
Valeria Martinez – Investment Week
Shorting has not traditionally been thought of as a robust way to meet ESG objectives, with popular methods tending towards divesting from companies with poor ESG ratings or engaging with firms through shareholder activism. However, at a time where the urgency of issues such as climate change has never been so front-and-centre for investors and regulators, members of the alternative asset management industry are calling for short selling to be considered another tool to address them, which has generated debate and a degree of controversy in the sustainable investment arena.
/bit.ly/3bEDMlO

Time for ESG to stand up and be counted; What is ESG’s role in delivering an equitable transition, given apparently conflicting pressures from the war in Ukraine and rising cost of living?
Nick Cottam – Environment Analyst
“ESG is about having a just transition.” This was the blunt message from Peter Skinner, chief operating officer of SLR Consulting, who chaired the afternoon session of this year’s Environment Analyst UK Business Summit, which took place in-person in London last week.
Skinner noted that in a challenging economic climate, the ESG (environmental, social and governance) tag might be questioned for its ability to deliver value and attractive returns for client organisations, but said there was a need to hang in there and show the wider ESG perspective.
/bit.ly/3bGU39W

Invesco Launches Two Euro Corporate Bond ESG ETFs That Use Multi-Factor Investing To Overcome Traditional Yield Shortfall
Mondovisione
Invesco is launching two ETFs that are intended for sustainably minded investors looking for Euro-denominated corporate bond exposure without having to compromise their principles or yield. Leveraging the expertise of the Invesco Quantitative Strategies (“IQS”) team, the new ETFs will offer a choice of exposures either across the full maturity spectrum or focusing only on short duration, which the ETF is defining as bonds with no more than five years to maturity.
/jlne.ws/3OxEnEh

Institutions

NinjaTrader, Tradovate Among First to Offer New Nano Bitcoin Futures from Coinbase Derivatives Exchange
PR Newswire – NinjaTrader; Tradovate
NinjaTrader Group, LLC, a global leader in clearing, brokerage and technology solutions for active traders through its subsidiaries NinjaTrader and Tradovate, today announced that that its firms are among the first to offer the new Nano Bitcoin futures (BIT) contract just launched by Coinbase Derivatives Exchange. Individuals can trade this cryptocurrency futures contract via NinjaTrader or Tradovate without any commissions or market data fees. Martin Franchi, CEO of NinjaTrader Group, said: “We’re thrilled to continue supporting global exchange product innovation tailored to the retail community. These exciting, affordable and accessible products will be available on our platform from the moment they launch. Our unique offering of commission-free trading and innovative trading solutions provides active and new traders alike a straightforward way to take a position or hedge their exposure in the crypto market in a regulated U.S. exchange environment. We anticipate significant interest in this new contract and believe it is a perfect product and market fit as retail investors continue to flock to the futures markets.”
/jlne.ws/39SJgIW

Rival Systems Adds Support for Coinbase Derivatives Exchange to Rival One.
Rival Systems
Rival Systems (Rival), a leading trading and risk management software provider, has announced the addition of Coinbase Derivatives Exchange to its next-generation, multi-asset trading platform, Rival One. Coinbase recently acquired FairX, a CFTC-regulated derivatives exchange, renamed Coinbase Derivatives Exchange to offer customers a more robust trading ecosystem within the digital asset class. Coinbase Derivatives Exchange recently announced the launch of the Nano Bitcoin futures contract, which is available to trade in Rival One.
/jlne.ws/3Ow88W8

Citigroup Asia Banking Research Veteran Robert Kong Leaves Firm
Ishika Mookerjee – Bloomberg
Citigroup Inc. analyst Robert Kong who covered Asia banks has left the US lender, according to his LinkedIn profile. Kong, who was a managing director, had been with Citigroup for more than 20 years, where he covered financial stocks in Hong Kong, Taiwan, Korea and India among other firms. He also covered China fintech companies, according to the profile.
/jlne.ws/3nnwEwD

Dearth of Wind Power Risks Exacerbating Germany’s Energy Crisis
Lars Paulsson – Bloomberg
Little wind in Germany is worsening the energy crisis in Europe’s biggest economy and risking driving prices even higher. The nation has the region’s biggest wind power capacity, but calm weather forecast to last into the first week of July means that actual output will remain very low. The day-ahead power contract advanced more than 3% on Wednesday to near the highest level since March.
/jlne.ws/3A9wZun

Jupiter CEO Quits $68 Billion Firm to Sit at the Beach and ‘Do Nothing’
Loukia Gyftopoulou – Bloomberg
Andrew Formica, the chief executive officer of Jupiter Fund Management Plc, suddenly announced he’s leaving the £55.3 billion ($67.9 billion) asset manager he joined in 2019.
Formica, 51, will leave the position on Oct. 1 and will also resign as a director of the London-based company on that date, according to a statement Tuesday. He will be succeeded by Matthew Beesley, the company’s chief investment officer, who will take up the role of CEO with effect from that time.
/jlne.ws/3nof5fN

Wellness Exchange

Elmo Gets Covid-19 Shot in CDC’s Vaccine Push For Kids; The video comes days after shots became available for children 5 and under.
Carrington York – Bloomberg
Elmo got his Covid-19 vaccine.
Sesame Street’s iconic, perpetually three-year-old Muppet got his Covid-19 shot in a public service announcement released by the Centers for Disease Control and Prevention on Tuesday. The video comes just days after the vaccinations became available for children five years and younger. The US Food and Drug Administration and CDC authorized the Moderna Inc. and Pfizer Inc.-BioNTech SE shots for use in younger children on June 17 and 18, respectively. In the video, made in partnership with the CDC, the American Academy of Pediatrics and the Sesame Street Foundation, Elmo talks about getting vaccinated with his dad, Louie. Both proudly sport their band-aids. “I learned that Elmo getting vaccinated is the best way to keep himself, our friends, neighbors and everyone else healthy and enjoying the things they love,” Louie said.
/jlne.ws/3bBzzPM

China Has Quietly Cemented Lockdown Rules as It Eases Quarantine
Bloomberg News
China’s revised Covid guidelines that cut quarantine in half for inbound travelers also created a standardized policy for mass testing and lockdowns when cases flare, showing the country still has a zero tolerance approach to the virus.
/jlne.ws/3QTWlCt

Singapore Daily Covid Infections Rise to Highest Since March
Elffie Chew and Jason Gale – Bloomberg
Singapore reported its highest number of daily Covid-19 infections in more than 3 months on Tuesday, according to the Ministry of Health’s website. The city-state posted 11,504 new Covid-19 cases, of which 10,732 are local infections and 772 imported. That’s more than double the 5,309 cases on Monday and is the highest number of infections since March 22, when 13,166 Covid-19 cases were reported.
/jlne.ws/3Adddhx

Coronavirus: Hong Kong confirms more than 2,000 cases for first time since April as business leader calls for more people to qualify for quarantine-free ‘Return2HK’ scheme
Nadia Lam – South China Morning Post
Hong Kong has confirmed more than 2,000 Covid-19 cases for the first time since April, as a major business chamber in the city urged the government to increase the daily quota of a quarantine-free scheme for residents returning from mainland China.
/jlne.ws/3QPWtmF

Norway Was a Pandemic Success. Then It Spent Two Years Studying Its Failures; Why one country wrote a playbook for the rest of the world
Ben Cohen – WSJ
Science of Success is a new column that will reveal the hidden figures, unlikely forces and market shifts behind the news as it aims to answer a big question: Why do people, companies and ideas succeed or fail? Come back tomorrow for the rest of a special three-column launch week. If you could have flown anywhere in the world in 2019 to ride out a hypothetical pandemic, you probably wouldn’t have picked Norway.
/jlne.ws/3nqiHhr

Nine Omicron symptoms affecting the fully vaccinated – and signs you may have it; Fainting and fatigue may signal onset of variant, experts say
Maryam Zakir-Hussain – Independent
China has imposed strict new lockdown measures in Shanghai as the country ramps up its efforts to see off a new round of coronavirus infections after they returned to a two-year high in May. The Asian superpower has taken some of the most drastic measures since the start of the pandemic in recent weeks, even though its caseload is low compared with other major countries because it has
/jlne.ws/3HZ1QMd

Eli Lilly to supply additional doses of COVID antibody drug to U.S.
Reuters
Eli Lilly and Co (LLY.N) said on Wednesday it will supply additional doses of its COVID-19 antibody drug to the U.S. government in order to meet demand through late August. As per the modified supply agreement with the government, Lilly will provide an additional 150,000 doses of bebtelovimab for about $275 million. The drug has also shown effectiveness against the Omicron variant.
/jlne.ws/3nrSTBK

Regions

China Offers Refiners Subsidies If Oil Jumps to Shield Consumers; Mechanism will kick in should prices climb above $130 a barrel; Oil has gained this year on economic rebound, Russian invasion
Bloomberg News
China will offer oil refiners subsidies should international crude prices surge above $130 a barrel to ensure the stable supply of fuels and prevent processors from passing on higher costs to consumers. The move is to lower economic costs and ease consumer burdens, along with ensuring the safe and stable supply of oil products, according to a statement from the Ministry of Finance. Refiners and fuel traders who produce or import gasoline and diesel will be offered subsidies for as long as two months if crude prices breach the targeted ceiling, details from the statement show.
/jlne.ws/3HXLinT

Franklin Templeton Explores Opening Office in Saudi Arabia; CEO Jenny Johnson has earmarked kingdom as expansion market; California-based firm oversees some $1.5 trillion of assets
Nicolas Parasie and Ben Bartenstein – Bloomberg
Franklin Templeton is looking to establish an office in Saudi Arabia to deepen its access to the Middle East’s largest economy, according to people familiar with the matter.
/jlne.ws/3NoLIEQ

Can Saudi Aramco Meet Its Oil Production Promises? The oil giant is running out of capacity to pump more crude.
Javier Blas – Bloomberg
If the oil market was a religion, its central article of faith would be the maximum production capacity of Saudi Aramco, a tenet based on confidence in what we hope to be true and belief in properties we have not yet witnessed. The market is about to have its epiphany.
/jlne.ws/3ON2dvx

Liquefied Natural Gas Comes to Europe’s Rescue. But for How Long? Chilled gas is a lifeline, but the fuel, largely from the United States, may set back climate ambitions and prove a costly, short-term solution.
Stanley Reed – NY Times
The placid waters near the entrance to the River Medway look more suited for sailboats and other pleasure craft, but some of the biggest ships in the world twist their way to a pier here.
/jlne.ws/3xXL1wy

Now Egypt Emerges as Major Supplier of Fuel Oil to Saudi Arabia; Saudi fuel oil imports soar in June, notably from Egypt; Russian fuel oil arrivals in Egypt surging to multiyear high
Prejula Prem, Bill Lehane, and Salma El Wardany – Bloomberg
First Estonia, now Egypt: the countries emerging as surprisingly large suppliers of fuel oil to Saudi Arabia gets longer. This month, the kingdom will take 3.2 million barrels of the power-station fuel from the northeast African country, the highest in at least six years, according to Vortexa Ltd. data compiled by Bloomberg. For its part, Egypt’s own imports of the product from Russia are set to soar to 1.8 million barrels, the most since at least 2016.
/jlne.ws/3nr7EEO

Ships going dark: Russia’s grain smuggling in the Black Sea; An FT investigation tracks the vessels exporting food from Crimea in ways that sidestep international sanctions
Chris Cook and Polina Ivanova and Laura Pitel – FT
Earlier this month, a ship called the Fedor steamed south through the Bosphorus before stopping at Bandirma, a Turkish port just south of Istanbul. The Russian bulk carrier was hauling 9,000 tonnes of corn, which it delivered to local buyer Yayla Agro, one of Turkey’s leading producers of pulses, grains and rice.
/jlne.ws/3OClC2M

How the G7 countries plan to hurt Russia’s oil bonanza; Leaders want insurers to become the effective enforcers of a price cap mechanism
Sam Fleming, and Ian Smith and Tom Wilson – FT
The goal set out by G7 leaders in the Bavarian Alps on Tuesday was ambitious: to prevent Russia profiting from its “war of aggression” in Ukraine, which has sent energy prices soaring, while minimising the economic damage around the world caused by the rises.
/jlne.ws/3nrwsMY

With world short of wheat, Argentina farmers worry about crop
Maximilian Heath – Reuters
Drought is only the beginning of worries for growers like Juan Francisco Arregui in Argentina’s breadbasket farmlands, who the world is relying on more than usual these days to fill a supply crunch of the grain needed to make bread and flour.
/jlne.ws/3NJkA3L

Industrial Real-Estate Developers Are Hot on Cold-Storage Warehouses; The amount of refrigerated storage space under construction without a tenant lined up is booming, even as consumer shopping habits shift again
Liz Young – WSJ
Industrial real-estate developers have been stepping up building cold-storage warehouses in the U.S. without tenants lined up for the space, betting that pandemic-driven changes in the way consumers buy groceries and meals are here to stay. Nearly 3.3 million square feet of refrigerated warehouse space was under construction through the second quarter of this year nationwide without companies slated ahead of time to take up the sites, some 1,000% more than was built in 2019, according to a report by real-estate services firm CBRE released on Wednesday.
/jlne.ws/3uansj9

Miscellaneous

UK Weighs Capping Maximum Stake in Online Casinos at £5; Gaming firms may have to put affordability checks in place; Update of 17-year-old gambling legislation to tackle addiction
Kitty Donaldson and Thomas Seal – Bloomberg
Ministers are considering maximum stakes of between £2 and £5 for online casinos and a ban on free bets as the UK updates 17-year-old gambling legislation to address concerns about addiction, according to a person familiar with the matter.
/jlne.ws/3QVZGB6

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The Spread

Volatility Spike Brews in Charts Signaling Test for Equity FOMO

Lead Stories Volatility Spike Brews in Charts Signaling Test for Equity FOMO Akshay Chinchalkar - Bloomberg Rising volatility may be about to test the US stock market's 13% jump from June lows. That's the picture painted by technical charts looking at the Cboe...

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