Exchanges Globally Agree Framework for Green Equities

Mar 24, 2023

First Read

Hits & Takes
John Lothian & JLN Staff

The CME Group is holding a WTI Futures Trading Challenge from March 26 to 31 to commemorate 40 years of the most liquid oil futures benchmark contract. You get to practice trading WTI in a risk-free environment that mimics live markets and have the chance to win cash prizes. For more details, go HERE.

U.S. Securities and Exchange Commission Chairman Gary Gensler has another edition of his “Office Hours with Gary Gensler” video series on YouTube. The latest video focuses on “order execution.” The first reference he makes is to the movie “The Matrix,” so you know he is going to get wiggly.

Brian Schaeffer has been named the president of Velocity Clearing. Schaeffer most recently was founder and president of Clearpool Group, an algorithmic trading platform.

Vera Newhouse has started a new position as vice president of communications at The Block. She was previously head of media relations and corporate communications at IEX and before that was director of enterprise marketing and corporate communications at Digital Asset.

Frances M. Mendieta has been promoted to director, enforcement counsel – ICE Futures U.S. from enforcement counsel at ICE Futures U.S.

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

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The Science Based Targets Initiative (SBTi) has opened its survey exploring corporate investments in climate action beyond value chains. SBTi will use the insights gained from the survey to help develop an SBTi Guidance Document on climate action. The survey, which closes March 31, can be accessed here.~SAED

This week began with the release of the IPCC’s climate change assessment and will end with the UN 2023 Water Conference with recommendations for tackling heightened water risks. Organizations are adding their non-binding commitments to an online portal called The Water Action Agenda, which will help record progress toward UN Sustainable Development Goal SDG6, ensuring access to water and sanitation for all. Your organization can register a commitment or view existing commitments here.~SAED

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Volcker Slayed Inflation. Bernanke Saved the Banks. Can Powell Do Both? In 140 years, American policymakers have never faced a banking crisis quite like this.
Rich Miller – Bloomberg
History remembers Paul Volcker as the slayer of inflation, and Ben Bernanke as the crisis firefighter. Jerome Powell is in danger of having to play both roles at once – or, what may be worse, to choose between them. On the face of it, Powell’s Federal Reserve this week pushed ahead with what’s been its policy for the past year – raising interest rates to bring down inflation – and so did other major central banks. But in reality everything’s changed, after a string of bank collapses sent tremors through world markets.
/jlne.ws/3K2yAXE

***** Jerome Powell is no Paul Volcker. For one, he does not smoke cigars.~JJL

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General counsels on the front line: balancing ESG and economic priorities
Rebecca Fike, Jon Solorzano and Becky Baker – Reuters
In steering their companies through a complex, ever-changing era of corporate citizenship, general counsels face economic headwinds – and relentless pressure to evolve. General counsels are known for serving as their company’s top legal adviser, but in recent years their role has expanded. The modern general counsel helps to map out strategy, shape policy positions, define company values and culture, support business growth, and safeguard the company’s reputation.
/jlne.ws/40eP04E

****** Thank you to Vinson & Elkins’ Allan Schoenberg for passing this along.~JJL

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Climate Change Is Destabilizing Insurance Industry; Insurers face a “crisis of confidence” as global warming makes weather events unpredictable and increases damage
Thomas Frank – Scientific American
The president of one of the world’s largest insurance brokers warned Wednesday that climate change is destabilizing the insurance industry, driving up prices and pushing insurers out of high-risk markets. Aon PLC President Eric Andersen told a Senate committee that climate change is injecting uncertainty into an industry built on risk prediction and has created “a crisis of confidence around the ability to predict loss.”
/jlne.ws/3lFMhSW

****** Politicians can flap their lips all they want about woke and anti-ESG, but insurance companies feel the sting of global warming and know something must be done to help stop it.~JJL

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The SEC Is Coming for Coinbase; Also Tron and Lindsay Lohan, First Republic’s balance sheet and bond market liquidity on the blockchain.
Matt Levine – Bloomberg
I don’t know what the US Securities and Exchange Commission’s Wells notice to Coinbase Global Inc. is about. The notice itself – a letter that the SEC sends saying that it intends to bring an enforcement action – is quite bare-bones and doesn’t say what the issue is, though presumably the SEC has given Coinbase some more detail over the phone. Quite possibly the problem is something fairly contained, like, “recently you launched a new product that we think violates the securities laws, so we are going to bring an enforcement action focused on that product.”
/jlne.ws/40aXREC

****** Very ominous title deserving of prominent placement, plus Matt Levine is Matt Levine.~JJL

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SEC Urges Investors to Be Cautious With Crypto Securities
Jamie Crawley – CoinDesk
The U.S. Securities and Exchange Commission (SEC) has urged investors to exercise caution when investing in crypto asset securities. The agency’s Office of Investors Education and Advocacy warned the platforms offering crypto trading may not be complying with federal securities statutes.
/jlne.ws/40eLsQ7

***** Let’s be careful out there!~JJL

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Why Metals Keep Going Missing in Commodity Trading
Bloomberg News
A succession of scandals has shaken metals markets and reawakened concerns about the fragility of warehousing and shipping networks that play a critical role in the industrial economy. The latest incidents ensnared some of the world’s most prestigious trading houses and revealed shortcomings in the oversight of warehouses connected to the London Metal Exchange – the world’s benchmark futures market for base metals.
/jlne.ws/3K2CWhq

***** It is one thing to lose some metal, another to lose your bag of marbles. Losing your marbles is the worst.~JJL

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Thursday’s Top Three
Our top story Thursday was Rockefeller Family Descendants Sell Historic Philadelphia-Area Estate for $24 Million, from The Wall Street Journal. Second was Coffee and Your Heart: The Impact May Be Different Than You Think, also from The Wall Street Journal. The article says Americans drank 517 million cups of coffee a day in 2022. I missed a few on some days, but most days I made the quota. Third was Zero-Day Options Boom Is Turning Wall Street Trading On Its Head, from Bloomberg.

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MarketsWiki Stats
27,263 pages; 243,846 edits
MarketsWiki Statistics

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Lead Stories

Exchanges Globally Agree Framework for Green Equities; The World Federation of Exchanges Publishes Green Equity Principles as Industry Seeks to Counter Greenwashing and Aid Capital Flows
The World Federation of Exchanges
The World Federation of Exchanges (WFE), the global body for exchanges and CCPs, today announced its industry-wide WFE Green Equity Principles, the first global framework for designating stocks and shares as green, thereby countering greenwashing and supporting the enhanced flow of funding towards more sustainable economies. The Principles, agreed upon globally by members, bring the industry together with a harmonised definition. They are designed to be a framework, consisting of ”WFE Green Criteria for Equities” and the ”WFE Green Equity Classification.” The framework is based on the following five overarching pillars:
/jlne.ws/3yYYqoT

Did UBS Just Get the Deal of the Decade? The Swiss bank’s acquisition of Credit Suisse will benefit from very favorable deal math, but there are risks too
Stephen Wilmot – The Wall Street Journal
Did UBS get the deal of the decade with Credit Suisse, or a decade of headaches? The investor debate is just getting started, but the answer to both questions might be yes. UBS certainly got a good price. The $3.2 billion in stock it agreed to pay for Credit Suisse’s equity, less than half the company’s market value last Friday and just 7% of its tangible book value, is the headline number. Then there is the controversial write-off of Credit Suisse’s $17 billion in AT1 bonds. The lawsuits will come, but the decision was taken by the Swiss regulator rather than UBS, so the bank shouldn’t have to bear any costs.
/jlne.ws/3z4Fa9O

Switzerland’s Incredible Shrinking Financial Sector; The end of bank secrecy was a big turning point. This feels like another.
Lionel Laurent – Bloomberg
Chocolate, cuckoo clocks, and bank secrecy were the Swiss cliches of the day when Asterix visited the “Helvetians” in his 1970 adventure. The stubborn Gaul runs into “Zurix” the banker, whose impregnable vaults and anonymous accounts are compromised. “It’s enough to make one turn neutral,” grumbles Zurix.
/jlne.ws/40tcnrD

Credit Suisse: the bank that built modern Switzerland; How a national institution grew from local roots to a global force before a series of scandals sparked its fall from grace
Owen Walker and Stephen Morris – Financial Times
Outside Zurich’s central station a statue of Alfred Escher looks proudly down Bahnhofstrasse, one of the world’s most expensive shopping streets, to Paradeplatz, the heart of the city’s financial district. Trains still trundle along the Swiss rail network that the 19th-century industrialist pioneered – but the bank he founded 167 years ago to finance its development is soon to be subsumed.
/jlne.ws/3FPMZ70

Top regulator urges tighter rules for global financial system; Pablo Hernández de Cos says lenders are at risk from links to shadow banks
Martin Arnold and Laura Noonan – Financial Times
The head of the world’s top financial regulator has called for tighter rules to clamp down on risks spreading from so-called shadow banks to other parts of the banking system. Pablo Hernández de Cos, chair of the Basel Committee on Banking Supervision, said on Friday that events of recent years highlighted the dangers of the close links between shadow banks, such as funds and insurers, and regular lenders.
/jlne.ws/40z7dcW

LME Has Checked Its Nickel Bags and Didn’t Find Any More Stones; LME nickel to restart trading in Asian hours March 27; Several traders had bought material from Rotterdam warehouse
Mark Burton – Bloomberg
The London Metal Exchange hasn’t found any more problems with bagged nickel in its warehouse network following the discovery last week that the “nickel” underlying nine contracts was in fact bags of stones. Warehouse operators registered in the LME network have inspected all their inventories of bagged nickel without discovering any more issues, the exchange said in a statement. The LME said it’s continuing to investigate what happened at the Rotterdam warehouse where the problematic bags were stored, but that it’s confident that the current procedures for checking metal when it enters a warehouse are “robust in identifying potential irregularities.”
/jlne.ws/3Zftzz4

Brian Schaeffer Named President of Velocity Clearing
Velocity Clearing LLC
Velocity Clearing LLC, a global financial services technology platform, announced today that Brian Schaeffer has been named president of the firm. Schaeffer brings more than 20 years of capital markets experience to Velocity, most recently as founder and president of Clearpool Group, an algorithmic trading platform where he ran all aspects of the company’s revenue growth and business development.
/jlne.ws/3nkaqz3

FSB’s Knot Wonders Why Credit Suisse Shareholders Got Paid
Cagan Koc – Bloomberg
Dutch central bank chief Klaas Knot said he’s been left wondering why the Swiss allowed shareholders to get any money out of Credit Suisse Group AG, and will seek answers at future meetings with counterparts. Knot, who is also chair of the Basel-based Financial Stability Board, praised authorities but said he’s curious on why the takeover deal didn’t write down the bank’s stock.
/jlne.ws/40x8zoJ

EU Regulators to Rethink Liquidity After Credit Suisse Unravels
Nicholas Comfort and Steven Arons – Bloomberg
The rapidly unfolding crises of confidence at Credit Suisse Group AG and Silicon Valley Bank are prompting some regulators gathered at the European Central Bank to rethink their treatment of liquidity risk. The watchdogs are in the early stages of considering how to improve banks’ liquidity management, according to people familiar with the matter. While no formal discussions are underway, individual regulators sitting on the ECB’s Supervisory Board say they want a better picture of the share of deposits that lenders can expect to retain during a crisis, the people said, asking not to be identified discussing private conversations.
/jlne.ws/3nheEr3

Nasdaq Eyes Crypto Custody Launch by End of Second Quarter; Nasdaq’s Auerbach: custody is first step in digital asset push; Exchange group joins other big finance firms with crypto plans
Anna Irrera – Bloomberg
Nasdaq Inc. expects its custody services for digital assets to launch by the end of the second quarter as it joins a growing pool of traditional financial firms that could fill the role of crypto middlemen following a spate of bankruptcies in the industry.
/jlne.ws/3FNCRvs

Exclusive-JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks – memo, sources
Lananh Nguyen and Saeed Azhar – Reuters
As a series of U.S. lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp. warned employees: Do not make it worse.
/jlne.ws/3ZfzdkK

Coinbase and Gary Gensler are in a death match and only one of them can prevail
Jeff John Roberts – Fortune
The chair of the Securities and Exchange Commission, Gary Gensler, just went all in. After years of dithering, Gensler instructed his agency to send Coinbase a Wells Notice-a corporate nastygram that means “knock it off or we’re going to sue you.” The full contents of the document are not public, but Coinbase suggested on Wednesday that the SEC is coming not just for its staking business-a small but important crypto niche-but that it also objects to the company selling digital tokens, which is the core of its business.
/jlne.ws/3K4sWnE

The SEC just charged Justin Sun, the crypto CEO who bid $4.6 million on lunch with Warren Buffett, with fraud. Here’s everything you need to know about him.
Theron Mohamed, Samantha Delouya – Business Insider
According to reporting from The Verge, Sun left home at a young age to study the strategy game Go in Wuhan. The Verge, citing a former employee of Sun’s, said he described his mother as a “tiger mom” and his father as a “penny-pincher.”
/jlne.ws/3z4ZUOC

No, It’s Not Like 15 Years Ago. What Matters Is 25; Letting the Citi-Travelers merger and its ilk go through in 1998 got us here. Now, the choices are nationalization through universal deposit insurance, or ending the procrastination and breaking up too-big-to-fail.
John Authers – Bloomberg
As banks fail and regulators strive to arrange rescues, there’s much talk that we’ve turned back the clock 15 years to the Global Financial Crisis. I’d like to suggest that instead we are finally confronting the costs of decisions made almost exactly 25 years ago, in the first two weeks of April 1998.
/jlne.ws/40vlOpZ

The Curse of Credit Suisse Conjures a New Banking Reality; Europe’s lenders have tons of cash – but so did Credit Suisse.
Paul J. Davies – Bloomberg
Credit Suisse AG’s weekend rescue by UBS AG sent European bank investors reeling at the start of this week, in fear of a rolling crisis and in shock at what just happened to an apparently sound but deeply troubled 166-year-old institution. Yet even as the initial panic subsides and bank shares recover from their swoon, the world has changed – and not only because of Credit Suisse. European banks face a different reality than they did before the US government takeover of Silicon Valley Bank only 10 days ago. The Stoxx Europe 600 banks index is down more than 10% since then.
/jlne.ws/3JDDatY

Do Kwon Charged With Fraud by US Prosecutors in New York; Terraform Labs founder was arrested Thursday in Montenegro; US, South Korea both seek Kwon’s extradition to face charges
Ava Benny-Morrison, Misha Savic and Sangmi Cha – Bloomberg
Terraform Labs co-founder Do Kwon was charged by US prosecutors with orchestrating a yearslong cryptocurrency fraud that wiped out at least $40 billion in market value. His indictment Thursday evening by the US attorney’s office in Manhattan capped a dramatic day that began with the news that Kwon, already a fugitive from charges in his native South Korea, had been arrested in Montenegro. It’s unclear if the arrest was at the request of US authorities, but federal prosecutors said they would seek his extradition to New York.
/jlne.ws/3THZjvM

Short Seller Accuses Jack Dorsey’s Block of Facilitating Fraud; Shares of the financial tech company plunged after Hindenburg Research said Block had failed to stamp out illegal activity on its platforms, including drug sales and sex trafficking.
Michael J. de la Merced – The New York Times
Hindenburg Research, the small investment firm whose critical investigative reports pummeled shares in an Indian industrial conglomerate and an electric-vehicle start-up, has found its newest target: Jack Dorsey’s financial technology company, Block. Hindenburg published a 17,600-word report on Thursday accusing Block of overstating its user base and failing to stamp out fraud and illegal activity on its platforms – particularly Cash App, its mobile payment service.
/jlne.ws/40s3FJw

Coinbase Tumbles After SEC Warning Adds ‘Significant Overhang’; SEC identified potential violations of securities law; Analysts see likely enforcement action, lengthy legal battle
Yueqi Yang – Bloomberg
Coinbase Global Inc.’s recent hot streak has come to an abrupt end after a warning notice from the Securities and Exchange Commission about potential violation of securities law renewed uncertainty over extensive parts of the biggest US crypto exchange’s business.
/jlne.ws/3ZfynV8

FinCEN’s Efforts to Implement Shell-Company Law Draw Criticism; Supporters of corporate-ownership database say the Treasury’s financial crimes bureau’s plans to gather information and access the repository have potential loopholes
Dylan Tokar – The Wall Street Journal
Two years into the process of building a corporate-ownership database to tamp down on the use of anonymous shell companies, U.S. Treasury Department officials are facing mounting concerns around what supporters of the database view as potential loopholes in their plans for collecting and managing the information it will eventually hold.
/jlne.ws/3nccRmV

The Younger Brother Caught in the Middle of the FTX Investigation; The collapse of Sam Bankman-Fried’s business empire has led federal prosecutors to scrutinize his brother, Gabe, who ran a pandemic-prevention group.
Matthew Goldstein, David Yaffe-Bellany and Lora Kelley – The New York Times
The money flowed freely at a pandemic-prevention organization run by the younger brother of Sam Bankman-Fried, the disgraced cryptocurrency mogul. Just over $375,000 financed a failed campaign in Colorado to increase taxes on cannabis sales in order to support pandemic research. Another $1 million was spent on consulting and advertising expenses in a single year. And $3.3 million went toward the purchase of a luxurious townhouse a few blocks from the U.S. Capitol.
/jlne.ws/3K4GteY

Corporate bond market reaches record highs in February; Data from Coalition Greenwich showed that average daily notional volume for corporate bonds reached $45 billion last month, up 22% compared to the same time period last year.
Wesley Bray – The Trade
The corporate bond market has remained robust amid market turmoil, with average daily notional volume (ADNV) reaching record highs in February, according to a report by Coalition Greenwich.
/jlne.ws/3JKixfJ

‘Bonkers’ Bond Trading May Be Sending a Grim Signal About the Economy; Wild swings in the Treasury market are unlike anything many investors today had seen. They’re also potentially warning of a recession.
Joe Rennison – The New York Times
In the typically tame market for government bonds, investors have been left reeling from some of the most chaotic trading conditions they have ever seen, entrenching concerns about the broader economy since the collapse of Silicon Valley Bank.
/jlne.ws/3K65ypY

Deutsche Bank, Kingate Settle Over $1.6 Billion in Madoff Claims; Deutsche Bank sued Kingate for backing out of deal to sell; No terms of proposed settlement disclosed in court filing
Erik Larson – Bloomberg
Deutsche Bank AG agreed to settle a lawsuit in which it accused a pair of offshore feeder funds of wrongfully backing out of a deal to sell the German lender $1.6 billion in claims against Bernard Madoff’s bankrupt investment advisory business. Lawyers for Deutsche Bank and the funds – Kingate Global Fund Ltd. and Kingate Euro Fund Ltd – filed a joint letter Thursday in federal court in Manhattan saying they’d struck a deal but didn’t disclose any terms.
/jlne.ws/40btLAF

Credit Suisse, UBS Among Banks in DOJ Russia-Sanctions Probe; Subpoenas to individual bankers preceded Credit Suisse crisis; US is investigating whether bankers aided sanctions evasion
Ava Benny-Morrison, Chris Strohm and Marion Halftermeyer – Bloomberg
Credit Suisse Group AG and UBS Group AG are among banks under scrutiny in a US Justice Department probe into whether financial professionals helped Russian oligarchs evade sanctions, according to people familiar with the matter. The Swiss banks were included in a recent wave of subpoenas sent out by the US government, the people said. The information requests were sent before the crisis that engulfed Credit Suisse and resulted in UBS’s proposed takeover of its rival.
/jlne.ws/3nk4ru0

Banks Are Borrowing More From the Fed: What to Know; As turmoil sweeps the United States financial system, banks are turning to the Federal Reserve for loans to get them through the squeeze.
Jeanna Smialek, Joe Rennison – The New York Times
Banks are turning to the Federal Reserve’s loan programs to access funding as turmoil sweeps the financial system in the wake several high-profile bank failures. The collapse of Silicon Valley Bank on March 10 followed by Signature Bank on March 12 prompted depositors to pull their money from some banks and sent the stock prices for financial firms on a roller-coaster ride. The tumult has left some institutions looking for a ready source of cash – either to pay back customers or to make sure they have enough money on hand to weather a rough patch.
/jlne.ws/3z1AAsM

RQD Partners With Blue Ocean Technologies for Clearing
MarketsMedia
RQD* Clearing (RQD), a next-generation correspondent clearing provider, announced that it has teamed up with Blue Ocean Technologies (BOT), a unique capital markets fintech leader specializing in global afterhours trading from 8:00 pm to 4:00 am ET. The partnership leverages RQD’s cutting-edge back office clearing infrastructure by introducing real time overnight trade capture, and straight through processing of clearance for Blue Ocean ATS’s overnight session. The transition to RQD became effective on March 1st, 2023.
/jlne.ws/3lEyBHU

TMX eyes spot crypto trading launch next year; Exchange group would become first in North America to offer direct access to spot market in digital assets Risk.net montage
Bernard Goyder – Risk.net
The owner of the Toronto Stock Exchange plans to offer spot cryptocurrency trading on one of its main securities exchanges from next year. Canada’s TMX Group aims to list cryptocurrencies such as bitcoin and ether directly on the TSX Alpha Exchange, an equities bourse that aims to protect smaller trades from high-frequency trading strategies.
/jlne.ws/3JJPNUo

Ukraine Invasion

Ukraine is getting older US Abrams tanks, but Russia’s Soviet-era tanks still won’t be a match for them in battle
Chris Panella – Business Insider
Washington is fast-tracking the delivery of Abrams tanks to Ukraine, opting to send older M1A1 models instead of the newer M1A2s to get them there sooner. But the decision may still get Kyiv the firepower it needs, as the older tanks have a track record of defeating Soviet-era tanks like the ones Russia keeps sending into combat.
/jlne.ws/3FQwXd8

Putin’s War Beats Good Intentions on Methane Emissions; In his determination to weaponize energy, Russia’s president has instead prompted an unexpected peak in gas consumption.
David Fickling – Bloomberg
When 100 countries signed up to a global pact to cut methane emissions at the COP26 climate conference in Glasgow in November 2021, there was one notable absence from the proceedings: Russia.
/jlne.ws/3Zfia2z

Exchanges, OTC and Clearing

Copper price to surge to record high this year, Trafigura forecasts; Rebound in Chinese demand has pushed up cost faster than any other industrial metal
Harry Dempsey – Financial Times
Copper prices will surge to a record high this year as a rebound in Chinese demand risks depleting already low stockpiles, the world’s largest private metals trader has forecast. Global inventories of the metal used in everything from power cables and electric cars to buildings have dropped rapidly in recent weeks to their lowest seasonal level since 2008, leaving little buffer if demand in China continues to pace ahead.
/jlne.ws/42A3n5k

CCP12 – The Global Association Of Central Counterparties – Welcomes KELER CCP Central Counterparty Ltd. As A CCP12 Observer Member.
CCP12
At the monthly CCP12 Executive Committee Meeting in March 2023, the Executive Committee accepted KELER CCP Central Counterparty Ltd. (“KELER CCP”) as an Observer Member of CCP12. KELER CCP, licensed under EMIR, is the leading clearing house in the Central Eastern European region with its more than 20 years of experience and by its innovative solutions.
/jlne.ws/3TJWYk6

Winners Crowned at Prestigious 21st Annual JSE Spire Awards
JSE
Johannesburg, 24 March 2023: The Johannesburg Stock Exchange (JSE) is pleased to announce the winners of the 21st Annual Spire Awards. The awards are a benchmark for the South African capital markets and recognise excellence and achievement as voted for by the market participants, including the country’s largest institutional investors.
/jlne.ws/3LK0RDy

Completion Of Nickel Warrant Checks And Confirmation Of Asian Hours Nickel Trading Resumption
Summary 1. This notice confirms that, following a 100% inspection of all bagged nickel warrants in LME-licensed warehouses, no further irregularities have been found in LME-warranted nickel stocks, and that Asian hours nickel trading will resume on Monday 27 March.
/www.lme.com/en/News

Margin Rates – Speculator Margin Premiums
TMX
The Regulatory Division (the “Division”) of Bourse de Montreal inc. will be changing the methodology used to calculate the speculator margin requirements. Given the Gross Client Margin (“GCM”) initiative of the Canadian Derivatives Clearing Corporation (“CDCC”), which is expected to launch on March 31, 2023, the Division will make this change to maintain consistency between files published by the Division
and CDCC.
/jlne.ws/3LWcdnQ

MIAX Exchange Group – Options Markets – Delisting of EVO Payments, Inc. (EVOP)
MIAX
EVO Payments, Inc. (EVOP) will be de-listed from the MIAX Options Exchange, MIAX Pearl Options Exchange and MIAX Emerald Options Exchange effective on Monday, March 27, 2023.
/jlne.ws/42Axppx

Effective reduction of NSE transaction charges by 4% due to roll back of increase in transaction charges done in 2021
NSE
/jlne.ws/3FOrfHc

Shanghai International Energy Exchange has released its Circular on the Whole Market Test of Business on TAS Executed at a Premium/Discount to the Settlement Price on Crude Oil Futures
Shanghai International Energy Exchange
Shanghai International Energy Exchange has released its Circular on the Whole Market Test of Business on TAS Executed at a Premium/Discount to the Settlement Price on Crude Oil Futures as follows:
/jlne.ws/3K4H0gW

Moscow Exchange announces the trading schedule for its markets for public holidays in Russia in May 2023.
MOEX
On 8 May, a public holiday, the markets will operate as follows: the Equity and Bond, Money, Deposit, Credit and Derivatives Markets will trade as usual; the FX and Precious Metals Markets will trade all instruments, except for spot transactions settled on the trade date (TODAY settlement) and overnight swaps;
/jlne.ws/3THFGnp

Moscow Exchange took part in the Russian Financial Market Forum
MOEX
On March 23, 2023, the Russian Financial Market Forum “Structural Transformation” was held in Moscow, organized by the ACRA rating agency with the support of the Moscow Exchange. The main topics of discussion were structural changes and adaptation of the economy, new legislative initiatives and government support measures for the real sector, as well as the development of the capital market as a source of long-term money for the Russian economy.
/jlne.ws/3nmvAfB

Fintech

Steeleye Implements ChatGPT In Its Integrated Surveillance Platform
SteelEye
SteelEye, the company behind the first and only truly integrated surveillance solution, has integrated ChatGPT into its holistic compliance platform as part of a case study to evaluate the AI tool’s applicability in market surveillance.
/jlne.ws/3TEmbfI

Insurer Zurich experiments with ChatGPT for claims and data mining; Insurance group is the latest example of a long-established business trying out AI to improve productivity
Ian Smith – Financial Times
Insurer Zurich is testing how it can use ChatGPT artificial intelligence technology in areas such as claims and modelling, as it responds to the challenge posed by start-ups and bigger rivals, including China’s Ping An.
/jlne.ws/3LO

Next Evolution of Blockchain Software Has Only Just Begun: Bank of America
Will Canny – CoinDesk
The Near protocol is part of a new generation of blockchains such as Cardano, Solana and Polkadot that are using novel approaches to improve the “trade-off between scalability, decentralization and security,” Bank of America said in a research report Tuesday.
/jlne.ws/3K4CiQt

BMLL Vantage Wins ‘Best Data Visualization Service’ at the FinTech Breakthrough Awards
BMLL
We are delighted to announce that BMLL has won “Best Data Visualization Service” at this year’s FinTech Breakthrough Awards. This is the 7th annual FinTech Breakthrough Awards program and seeks to recognise the breakthrough companies and products in the global financial services and technology industry today.
/jlne.ws/3z4atkU

Cybersecurity

When working in cybersecurity, there’s still risk ‘everywhere in the software supply chain’
Peter Musurlian – Federal News Network
The National Counterintelligence and Security Center (NCSC) leads counterintelligence for the national government. Among its myriad missions is securing the software supply chain. “My directorate is certainly concerned with the supply chain of all critical infrastructure, certainly the supply chain that the IC has to source from as well,” Jeanette McMillian, assistant director of NCSC’s Supply Chain and Cyber Directorate said on Federal Monthly Insights – Securing the Supply Chain.
/jlne.ws/3TEvoVc

Tesla cybersecurity measures fail, hackers win Model 3 at hacking event
William Johnson – TeslaRati
Tesla has been hacked at the Pwn2Own hacking event, and the hacking group has taken home a Tesla Model 3 and $100,000. As electric vehicles and their significant amount of integrated software have become more common in everyday life, the security around them has become significantly more critical. In the worst-case scenario, a hacker could not only gain access to a car but could leak user data or even take control of the vehicle. Now, at the Pwn2Own hacking competition, a group of hackers successfully hacked a Tesla Model 3 and won the vehicle along with a $100,000 prize.
/jlne.ws/3z1A4Lm

2023 Cybersecurity Maturity Report Reveals Organizational Unpreparedness for Cyberattacks
The Hacker News
In 2022 alone, global cyberattacks increased by 38%, resulting in substantial business loss, including financial and reputational damage. Meanwhile, corporate security budgets have risen significantly because of the growing sophistication of attacks and the number of cybersecurity solutions introduced into the market. With this rise in threats, budgets, and solutions, how prepared are industries and countries to effectively address today’s cyber risk?
/jlne.ws/3z4d3Y5

Acting National Cyber Director Explains New Cybersecurity Strategy to Congress
Alexandra Kelley – NextGov
As much of Capitol Hill had its attention turned to the hearing over TikTok’s handling of Americans’ data, the House Committee of Oversight and Accountability heard testimony from Acting National Cyber Director Kemba Walden on how to implement the National Cybersecurity Strategy. In opening statements, Walden outlined several pillars the national strategy plans to rely on when incorporating stronger defenses into U.S. digital networks. These include forming international partnerships, investing in a workforce, incentivizing stronger cybersecurity requirements, disrupting threat actors, and implementing stronger security measures.
/jlne.ws/3K1VeOL

UK parliament follows government by banning TikTok over cybersecurity concerns
Michael Hill – CSO Online
The commissions of the House of Commons and House of Lords have followed the UK government by banning social media app TikTok over cybersecurity concerns. A parliament spokesman said that TikTok “will be blocked from all parliamentary devices and the wider parliamentary network,” a move that TikTok has described as “misguided” and “based on fundamental misconceptions” about the company.
/jlne.ws/3K3XCW7

Cryptocurrencies

Why the Crypto World Flinches When the SEC Calls Coins Securities
Lydia Beyoud and Allyson Versprille – Bloomberg
Cryptocurrency traders have been put on notice that the US Securities and Exchange Commission considers a range of widely traded digital assets to be securities, a position that could impose regulatory requirements that many boosters say could be crippling. But figuring out what does or doesn’t make a coin a security is a complicated question.
/jlne.ws/3ZbLGpS

The State Of Liquidity In Crypto Markets – Kaiko Research: Deep Dive
Mondovisione
Welcome to Deep Dive! This week we are diving into the world of liquidity in crypto. Liquidity is all the talk in financial markets at present, and crypto has seen its fair share of liquidity incidents this month. We explore market depth, spreads, slippage and volumes to bring you up to date with all things crypto liquidity.
/jlne.ws/3TEDpta

Crypto Fugitive Do Kwon Is Charged With Fraud by U.S. Prosecutors; Mr. Kwon, the entrepreneur behind the failed TerraUSD and Luna cryptocurrencies, was arrested earlier in Montenegro.
David Yaffe-Bellany – The New York Times
The cryptocurrency entrepreneur Do Kwon – who designed a pair of digital currencies that failed spectacularly last year, triggering a market meltdown – was charged with fraud by federal prosecutors in New York on Thursday, hours after the authorities in Montenegro arrested him as he prepared to board a flight.
/jlne.ws/3M5PPc7

FTX to sell stake in Web3-focused Mysten Labs in push to shore up funds
Reuters
Bankrupt cryptocurrency exchange FTX said on Thursday it would sell its stake in Web3-focused startup Mysten Labs for $95 million, as it strives to pay back its customers.The exchange had paid nearly $101 million last year for preferred shares of Mysten and led a funding round that valued the platform which provides infrastructure for Web3 adoption at more than $2 billion.
/jlne.ws/40wdhTB

Politics

Xi Just Bought Himself a Headache in Moscow; As the Chinese leader will soon discover, having sway over Vladimir Putin doesn’t necessarily mean having leverage over him.
Minxin Pei – Bloomberg
Xi Jinping’s powwow with his Russian counterpart Vladimir Putin this week was no summit of equals. The Chinese leader returns home in a clearly dominant position, assured that a Russia weakened by its war of aggression in Ukraine will have to rely on China for trade, technology and diplomatic support for years to come.
/jlne.ws/3z1xMvK

Goldman Sees Biden’s Clean-Energy Law Costing US $1.2 Trillion; Bank’s projection is more than three times government forecast; Biden administration seeking to incentivize green projects
Josh Saul – Bloomberg
US President Joe Biden’s landmark clean-energy law will cost roughly $1.2 trillion – three times more than the official government forecast – and spur trillions more in private-sector investments, according to Goldman Sachs Group Inc.
/jlne.ws/40eMoUo

King Charles’ Realm Is Poised to Shrink as Jamaica Considers Ditching Monarchy; Move would replace King Charles as symbolic head of state; Caribbean is home to 8 of 15 remaining ‘commonwealth realms’
Jim Wyss – Bloomberg
The realm of King Charles III is on the verge of getting smaller. Jamaica this week created a Constitutional Reform Committee with the task of changing the island from a constitutional monarchy, which sees the English royal as its symbolic head of state, to a full-fledged republic.
/jlne.ws/3z3Dld7

Is France on the road to a Sixth Republic? As rage over pension reform spills out on to the streets, it may be time for the country to rethink its all-powerful presidency
Simon Kuper – Financial Times
The demonstrators at Place de la République in Paris were chanting, weirdly, in Italian: “Siamo tutti antifascisti,” – “We are all antifascists.” In French, they targeted their chief enemy, the president: “We are here, even if Macron doesn’t want it.” Watching them were ranks of massed riot police, who, in the French policing tradition, made no effort to mingle with the crowd and defuse trouble, but instead stood waiting for the moment to unleash their tear gas and batons. The crowd were waiting for it, too. “ACAB,” they chanted, the English abbreviation for “All Cops Are Bastards”. “A-ca-buh”, it came out in French.
/jlne.ws/3lCaBF9

Regulation

BIS’s Project Nexus prototype successfully links Eurosystem, Malaysia and Singapore payments systems; partners in Indonesia, Malaysia, the Philippines, Singapore and Thailand to work towards wider payments connectivity
BIS
The BIS Innovation Hub Singapore Centre and partners today announced the successful connection of the test versions of three established IPS using the Nexus model and outlined the next phase of the project to work on the real-world potential of a multilateral network that could be scaled up across more countries.
/jlne.ws/3z4d0LT

US charges crypto fugitive Do Kwon after Montenegro arrest; Terraform Labs co-founder faces eight criminal counts, including securities and wire fraud
Scott Chipolina, Joe Miller and Marton Dunai – Financial Times
Do Kwon, the South Korean crypto entrepreneur behind the $40bn implosion of terraUSD and luna digital tokens last year, has been charged in the US with fraud, hours after he was arrested in Montenegro. In a 12-page indictment revealed on Thursday, US prosecutors accused Kwon of defrauding crypto customers by “deceiving those individuals about aspects of the Terra blockchain, including its technology and the extent to which it had been adopted by users”.
/jlne.ws/40vca6O

The SEC’s Scattershot Approach Shows Its Weakness
Daniel Kuhn – CoinDesk
It was a triple whammy from the U.S. Securities and Exchange Commission on Wednesday. Coinbase said it received a message saying the SEC essentially intends to sue over violations related to the largest U.S. cryptocurrency exchange’s staking service and possibly token listings. And separately, the SEC filed a lawsuit against one of crypto’s wealthiest and most influential entrepreneurs, Justin Sun, and it took aim at more than half-a-dozen celebrities who promoted TRON-related blockchain projects.
/jlne.ws/3nl5AkM

NBA Players Had Millions Stolen by Ex-Morgan Stanley Adviser, Prosecutors Say; Alleged $13 million fraud charged as pro athletes are targeted; Darryl Cohen fobbed off exorbitant life policies, US claims
Bob Van Voris and Hadriana Lowenkron – Bloomberg
A former Morgan Stanley investment adviser and three others were charged with defrauding professional basketball players of $13 million, in the latest alleged scheme targeting pro athletes. Federal prosecutors in New York on Thursday charged the former adviser, Darryl Cohen, along with a financial planner, an NBA agent and a former stockbroker in two schemes to cheat players.
/jlne.ws/42EsQe0

Remarks of Chairman Rostin Behnam at the National Grain and Feed Association’s 127th Annual Convention, La Quinta, California
CFTC
Good morning and thank you, Mike, for the kind introduction, and to NGFA for inviting me to discuss the current state of the markets. Your members’ ability to manage risk safely, predictably, and without undue burdens directly impacts the prices American consumers pay for food and related products and determines the livelihood of families around the country whose businesses, operations, and occupations directly serve grain, feed, and commercial enterprises.
/jlne.ws/3FPJltT

SEC Charges Financial Adviser for Misappropriating More Than $1 Million From Current, Former NBA Players
SEC
The Securities and Exchange Commission today charged Darryl Matthew Cohen, a former investment adviser at a large financial institution, with misappropriating more than $1 million from three current and former NBA players over a period of two and a half years.
/jlne.ws/3FPXDup

SEC Charges Three Sales Agents At Straightpath Venture Partners with Fraud and Unregistered Broker Activity
SEC
The Securities and Exchange Commission today charged Scott Hollender, Gabriel Migliano, Jr., and Frank Vecchio for selling interests in shares of pre-IPO companies on behalf of StraightPath Venture Partners LLC, despite not being registered broker-dealers, and for misleading investors about the fees associated with those investments. The Commission previously charged StraightPath Venture Partners, StraightPath Management LLC, and its four principals in May 2022 in connection with a $410 million fraud.
/jlne.ws/3TDkmj6

SEC Obtains Final Judgment Against IIG Co-Founder for Engaging in Fraud
SEC
On March 23, 2023, the U.S. District Court for the Southern District of New York entered a final consent judgment against Martin Silver, the co-founder of International Investment Group (IIG), a formerly registered investment adviser, enjoining him from violating the antifraud provisions of the federal securities laws.
/jlne.ws/3z3BJjz

SEC Charges Financial Adviser for Misappropriating More Than $1 Million from Current, Former NBA Players
SEC
The Securities and Exchange Commission today charged Darryl Matthew Cohen, a former investment adviser at a large financial institution, with misappropriating more than $1 million from three current and former NBA players over a period of two and a half years.
/jlne.ws/3K3WFx1

Criminal market abuse regime review completion
FCA
The FCA welcomes the Government’s statement on the completion of the criminal market abuse regime review. The Government is considering how to take forward the recommendations to strengthen the regime as part of the Future Regulatory Review programme. It is a priority for us to raise standards across the firms we regulate, as market abuse harms confidence and integrity and hinders our work to build market excellence across the UK financial system.
/jlne.ws/42FwcgA

SFC concludes consultation on introduction of new regulated activity for depositaries of public funds
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today released consultation conclusions on proposed legislative and code amendments to introduce Type 13 regulated activity (RA 13), a new regime to regulate depositaries (ie, top-level trustees and custodians) of SFC-authorised collective investment schemes (Note 1). The legislative amendments were gazetted today. Subject to completion of the legislative process, the RA 13 regime will come into effect on 2 October 2024.
/jlne.ws/3Z7KKCQ

Investing and Trading

Short Seller Carson Block Says SVB Depositors Should Have Taken Haircuts
Francesca Maglione – Bloomberg
Short seller Carson Block said depositors at Silicon Valley Bank and Signature Bank should have taken haircuts after federal regulators seized the troubled lenders. “When you look at Silicon Valley Bank, to me this ended up being not just a bailout of the depositors, but it was really a bailout of venture capital funds,” Block, founder of Muddy Waters Capital, said in an interview Thursday on Bloomberg TV.
/jlne.ws/3JIZVwq

How to Keep Corporate Accounts Safe Amid Bank Collapse Jitters; Experts explain some little-used tools for setting up cash management systems and maximizing insurance.
Arianne Cohen – Bloomberg
Following the failures of US banks Silvergate Capital Corp., Silicon Valley Bank and Signature Bank, executives and business owners are realizing their corporate accounts aren’t necessarily insured by the Federal Deposit Insurance Corp. “I don’t think entrepreneurs and executives were paying attention to that,” says corporate accountant John Pennett, a partner at Eisner Advisory Group in Iselin, New Jersey. “Historically, venture-backed or private equity-backed companies are sitting on $10 million to $15 million, because they just raised money that needs to last three to four years, and the board didn’t really care where they put the money. Now that’s going to be an area of discussion.”
/jlne.ws/3ngaFuM

Jack Dorsey’s Wealth Tumbles $526 Million After Hindenburg Short; Block co-founder’s net worth drops by the most since May; Block plans to explore legal action against the short-seller
Biz Carson – Bloomberg
Block Inc. co-founder Jack Dorsey’s net worth was hammered after Hindenburg Research’s latest report, which alleged the payments company ignored widespread fraud. Dorsey’s fortune plunged by $526 million on Thursday, his worst single-day decline since May. He’s now worth $4.4 billion after the 11% drop, according to the Bloomberg Billionaires Index
/jlne.ws/3ZbXEzF

What Is Short Selling, and Who Is Hindenburg Research?
Lisa Pham, Jennifer Surane and Phil Serafino – Bloomberg
If you buy low and sell high, chances are you’ll be richer and everybody will be happy. Sell low after borrowing high – what’s known as short selling – and you may be rich, but odds are that quite a few people will be displeased. Critics say that short sellers distort the market and that their practices can blur into market manipulation. “Shorts” say they’re keeping markets and companies honest. A series of negative reports from a short-selling firm, Hindenburg Research, have added fuel to the fire, as it targeted companies affiliated with Gautam Adani, one of Asia’s richest men, and by Jack Dorsey, one of the founders of Twitter.
/jlne.ws/40z4LmK

Environmental, Social and Corporate Governance

Companies Face Another Packed Year of Sustainability Shareholder Votes; Proposals on social issues have waned slightly but continue to be the most popular while climate action ones are on the rise
Dieter Holger – The Wall Street Journal
U.S. companies are facing fewer shareholder proposals on social issues this year but more calls for climate action. Anti-ESG ones are increasing, too. For annual general meetings taking place in the first six months of the year, shareholders across all U.S. publicly traded companies filed a total of 538 proposals related to environmental, social and sustainability governance issues, according to the Sustainable Investments Institute, a Washington-based nonprofit that tracks such votes. Last year, there were 577 filings over the same period.
/jlne.ws/3LOfyoZ

Faulty Credits Tarnish Billion-Dollar Carbon Offset Seller; South Pole, the world’s leading purveyor of offsets, is facing allegations that it exaggerated climate claims around its forest-protection projects. The uncertainty could influence how legions of companies try to slash their emissions.
Ben Elgin, Alastair Marsh and Max de Haldevang – Bloomberg
Renat Heuberger gathered his co-founders on a glacier in the Swiss Alps for a celebration. The half-dozen men behind South Pole, the world’s leading seller of carbon offsets, raised their beers around a crackling fire: Business was booming and the Zurich firm’s valuation was hurtling toward $1 billion, making it one of the first “carbon unicorns.”
/jlne.ws/42uABmu

This Toilet Works Off the Grid; To improve urban and rural sanitation, South Africa is testing toilet technologies that work without running water, electricity or expensive sewer infrastructure.
Antony Sguazzin and Laura Millan Lombrana – Bloomberg
The filtration system for the four flush toilets in a shantytown in Johannesburg’s Soweto township is surrounded by a steel fence crowned with barbed wire. A year ago, a thief tried to steal this crucial equipment and the community chased him off, determined to protect it. These are the only four toilets for about 340 nearby residents, and they’ve made a huge difference in people’s lives, says Asavela Mdudi, a 21-year-old janitor wearing faded denim shorts, a white T-shirt and pink sneakers. “We no longer get infections, especially us girls,” Mdudi says as she sits with her toddler.
/jlne.ws/3K7ngcU

You’re not imagining it: Your allergies are getting worse; Blame climate change.
Talib Visram – Fast Company
The fresh scents and floral delights of spring can be torture for many people for whom their arrival signals sneezing fits, tickly throats, and itchy eyes. And they’re all just on the horizon. The dreaded allergy season has been extending over the past decades because of climate change. More carbon in the air is both lengthening the allergy season and intensifying the allergens. That’s bad news for about a quarter of American adults and a fifth of the country’s children who suffer from seasonal allergies-and it’s particularly extreme in some areas of the country. In a new report from nonprofit Climate Central, researchers studied temperature data for 203 U.S. cities, from 1990 to 2018, finding that more carbon dioxide in the atmosphere is extending seasonal allergy periods.
/jlne.ws/3FO1Vm3

How a Seattle Architect Helped Make Timber Towers Legal in the US; “My hope is that we’re changing the 20th-century paradigm of construction,” says Susan Jones.
Amanda Kolson Hurley – Bloomberg
When it opens in a few months, a new apartment complex in Seattle will be the first of its kind: specifically, the first building project in the US to break ground under a new category in the construction code, which allows for the structural use of mass timber – a group of engineered, extremely strong wood components- up to a height of 85 feet, or eight or nine stories. (Another new category allows wood structures as tall as 18 stories if certain additional requirements are met.)
/jlne.ws/40ySvD2

UK Set for Massive Rollout of EV Chargers in Net-Zero Push; England’s Surrey County to install 10,000 posts by 2030; Connected Kerb to invest £60 million in infrastructure project
Celia Bergin – Bloomberg
Southern Britain is set for a major public rollout of electric-vehicle charging stations as officials seek to help consumers ditch combustion engines. England’s Surrey County Council and EV-infrastructure company Connected Kerb plan to install 10,000 chargers by 2030, they said in a joint statement. The firm plans to invest £60 million in the project, which is the nation’s largest deployment of on-street EV posts by a local authority.
/jlne.ws/3K2aLz8

Why the UK should inject some fizz into carbon capture; The real hurdle may not be costs or technical challenges but implementation
Camilla Palladino – Financial Times
There are precious few sectors in which the UK has an advantage nowadays. Carbon capture and storage – unpopular though it may be – is one of them. The country should avoid blunting this competitive edge. Despite having one-third of all the potential carbon storage capacity in Europe, according to a government-commissioned report, the UK’s record in developing CCS has been abysmal.
/jlne.ws/3K4Wbqz

IASB initiates project to consider climate-related risks in financial statements
IFRS
The International Accounting Standards Board (IASB) has added a project to its work plan to explore whether and how companies can provide better information about climate-related risks in their financial statements. The initiation of the project responds to feedback received from the IASB’s recent Agenda Consultation for the IASB to enhance the reporting of climate-related risks in the financial statements.
/jlne.ws/3z73tE1

Institutions

UBS Sends Khan to Stem Credit Suisse’s Private Banker Exits; Khan visits Hong Kong, Singapore to dangle retention packages; Rival banks are targeting Credit Suisse staff after UBS deal
Bloomberg News
UBS Group AG wealth boss Iqbal Khan is working the phones and criss-crossing the globe to thwart the potential loss of top Credit Suisse Group AG bankers and clients as competitors seek to exploit the turmoil surrounding the Swiss lender.
/jlne.ws/3lChuq2

‘Most vulnerable’ U.S. banks lost $1 trillion in deposits in a year -JPMorgan
Nupur Anand – Reuters
JPMorgan Chase & Co analysts estimate that the “most vulnerable” U.S. banks are likely to have lost a total of about $1 trillion in deposits since last year, with half of the outflows occurring in March following the collapse of Silicon Valley Bank.
/jlne.ws/3FSgzsr

Banker fired over sexual harassment sues Barclays for $700,000
Kirstin Ridley – Reuters
A former Barclays director, fired for sexual harassment and other misconduct, is suing the British bank for more than 584,600 pounds ($719,412), arguing that female colleagues fabricated allegations and that his dismissal was unfair.
/jlne.ws/3JKU4qJ

Deutsche Bank Shares Plunge in Renewed Bout of Stress
Fergal O’Brien and Macarena Muñoz – Bloomberg
Deutsche Bank AG became the latest focus of the banking turmoil in Europe as ongoing concern about the industry sent its shares slumping the most in three years and the cost of insuring against default rising.
/jlne.ws/3Zc75PB

Time to ask what the directors were doing at these failed banks; The fragility of financial institutions suggests serious lapses in corporate governance in banking and beyond
Andrew Edgecliffe-Johnson – Financial Times
Where were the regulators? It’s a fair question after the failure of several ostensibly supervised banks and policymakers are already asking it as they set out, once again, to make the financial system less crisis-prone. Even so, there is an equally pressing question to answer: where were the directors? The collapse of Silicon Valley Bank, Signature Bank and Silvergate in the US, followed by the forced sale of Credit Suisse, suggests serious lapses of oversight not just from regulators but at the board level.
/jlne.ws/3ndcZTf

Culture clash: the challenge of uniting fierce rivals UBS and Credit Suisse; Investment banking is at the heart of divisions between the two Swiss lenders
Anjli Raval, Stephen Morris and James Fontanella-Khan – Financial Times
It took just 72 hours for Swiss regulators to fast-track a $3.25bn rescue of Credit Suisse by its rival UBS. Now executives at the two banks face a painful few years as they integrate the businesses. Thousands of jobs will be lost, entire data systems transferred and tens of billions of dollars’ worth of assets wound down. But insiders said the biggest fear within UBS was how to protect its carefully restored values from what one senior figure at the bank described as a “rancid” culture in parts of Credit Suisse.
/jlne.ws/3JJVpxW

Work & Management

How AI and Robots Are Accelerating Inclusion for Disabled People; From robot avatars to brain signals, new tech is making incredible strides. On this episode of The Future With Hannah Fry, she shows how lives are being transformed.
David Rovella – Bloomberg
Technology promises to expand opportunities for millions of people living with disabilities. From revolutionary bionic limbs designed in New York to a robot cafe in Tokyo that enables remote work for disabled people, cutting edge endeavors everywhere are changing lives and societies.
/jlne.ws/3JBkxXw

Wellness Exchange

Most Americans Doubt Their Children Will Be Better Off, WSJ-NORC Poll Finds; Dim view of economy underpins pessimism about future and record-low happiness in U.S.
Janet Adamy The Wall Street Journal
An overwhelming share of Americans aren’t confident their children’s lives will be better than their own, according to a new Wall Street Journal-NORC Poll that shows growing skepticism about the value of a college degree and record-low levels of overall happiness. The survey with NORC at the University of Chicago, a nonpartisan research organization that measures social attitudes, showed pervasive economic pessimism underpins Americans’ dim hopes for the future.
/jlne.ws/3LNAGvC

Students Struggle Academically, Fight in Schools Amid Adderall Shortage; Children who can’t get ADHD medications ‘can’t control their impulses,’ says a Florida teacher
Ben Chapman – The Wall Street Journal
Students nationwide who take medications that treat attention-deficit hyperactivity disorder are struggling to behave and concentrate due to a continuing shortage of the drugs, families and school officials say. Children who haven’t had access to their medications are experiencing problems ranging from getting suspended from school to having trouble sleeping, parents in Arizona and Nevada said.
/jlne.ws/42DzyAF

Instacart announces new health offerings alongside White House partnership; As part of its health project, Instacart is offering a product suite for medical providers that gives digital tools to promote nutritional choices.
Jessica Bursztynsky – Fast Company
Instacart is taking a big swing in its healthy food initiative. The grocery delivery platform announced today a handful of new offerings alongside with the White House Challenge to End Hunger and Build Healthy Communities Kickoff event. As part of its ongoing “Instacart Health” project, the company is now offering a product suite for medical providers that gives health systems and hospitals digital tools to promote more nutritional choices. Health providers can now launch food-as-medicine programs and prescribe food as they’d prescribe medicine.
/jlne.ws/3FMb1zy

Regions

India Set to Surpass China in Need for Oil as Growth Paths Diverge; Citigroup’s Morse says China’s demand nearing “last hurrah”; India’s population growth, Chinese EV adoption to drive shift
Yongchang Chin and Rakesh Sharma – Bloomberg
A change is on the horizon for oil demand, with India set to eclipse China as the most important driver of global growth – and potentially the last, as the world shifts to a greener future. A swelling population, which has likely already surpassed that of China, will help to underpin that growth along with consumption trends. India’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, whereas China’s adoption of electric vehicles is skyrocketing.
/jlne.ws/3z8OVDC

Why Japanese Banks Are Well Placed to Withstand Banking Crisis; Lenders have capital buffers for losses on foreign bonds; Sticky deposits, ample dollar funding show concerns overblown
Taiga Uranaka and Lisa Du – Bloomberg
Financial turmoil following the collapse of three US lenders and the emergency takeover of Credit Suisse Group AG has fueled questions over whether Japanese banks might be at risk from the fallout. Shares of the nation’s banks have been among the hardest hit in Asia since the crisis emerged this month. Smaller lenders, which have piled into US Treasuries in recent years, have copped the biggest blows on concern that they may face the sort of losses on bond holdings that helped to bring down Silicon Valley Bank.
/jlne.ws/40vyJYP

Credit Suisse Losses Make Gulf Investors Wary of Bank Deals; Recent hit is a reminder of investments during 2008 crisis; QIA among funds reviewing portfolio after turmoil: official
Nicolas Parasie, Dinesh Nair and Archana Narayanan – Bloomberg
Middle Eastern investors are becoming more cautious of making fresh investments in global banks after emerging as some of the hardest hit by the Credit Suisse Group AG crisis. Sovereign wealth funds and other investors in the region have been spooked by the market turmoil that wiped $1 billion from Saudi National Bank’s stake in the Swiss lender and are likely to be more wary on deals involving foreign financial firms, bankers and lawyers with knowledge of the matter said. The crisis is accelerating a pivot toward other sectors such as healthcare and technology, bankers said, asking not to be identified discussing matters that aren’t public.
/jlne.ws/3lEgbXD

Miscellaneous

Patek Philippe Sells for Record $5.8 Million at Auction
Andy Hoffman – Bloomberg
A rare Patek Philippe watch sold for $5.8 million in Hong Kong, the highest price ever paid for a timepiece in an online auction. The Patek Philippe ‘Sky Moon Tourbillon,’ with a blue hand-made enamel dial and white gold hand-carved case, fetched HK$45.45 million on Tuesday, Christie’s, the auction house, said in a statement.
/jlne.ws/3TI23cy

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The Spread

The Stock Market Has Rarely Been This Sleepy

Lead Stories The Stock Market Has Rarely Been This Sleepy Gunjan Banerji - The Wall Street Journal It's eerily calm out there in the stock market. The Cboe Volatility Index, or VIX, dropped below 12 last week, a nearly five-year low. The gauge, based on options prices...

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