ICE Appoints Chris Edmonds to Lead Fixed Income and Data Services Business

Oct 26, 2023

First Read

Hits & Takes
John Lothian & JLN Staff

The FIA posted October 2023 Highlights to LinkedIn that include all kinds of EXPO 2023 coverage.

I don’t have access to the FT premium Lex column, but it has a story on the CME Group titled “CME: future proofing in the age of uncertainty” with the subheading “Economic and geopolitical uncertainties have been a boon for the US exchange.”

Inc. Magazine has some suggestions for books to read for mental health month in a story titled “October Is World Mental Health Month. Here Are 4 New Books to Help You Unlock Your Full Potential; New titles to improve your well-being and boost the mental health of your employees.”

Are you young? Are you unhappy? You might be part of an epidemic of unhappiness of young people and this could be hurting the economy, Barron’s reports in a story titled “An Epidemic of Unhappiness Is Consuming Young Americans. It Could Hobble the Economy.”

Not that this news is going to cheer you up, but The Telegraph reports “Climate change is one of our biggest health threats – humanity faces a staggering toll unless we act.” The subheadline is “As the planet warms, the world’s health systems could become overwhelmed by the consequences of extreme weather events.”

If that did not register in your cheer-a-meter, the speech by UK Prime Minister Rishi Sunak might, where he warned that humanity could lose control of ‘super intelligence’ AI, The Telegraph reported.

Digging deeper down the glumness hole is a story from the Financial Times about quantum computing titled “Time to get serious about the dangers of quantum computing” with the subheading “‘Q-day’, when the world’s data encryption codes fail, is already on its way.”

The FT has an interactive multimedia story about the Rimal district of Gaza city titled “How Israeli air strikes destroyed a busy neighbourhood in Gaza.”

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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Our most read stories yesterday on JLN Options were:
Bitcoin volatility explodes, reflecting ‘short squeeze,’ bullish options bets from Blockworks.
Goldman Wants Trading Derivatives to Be Easy as Buying on Amazon from Bloomberg.
A famed trader known as ’50 Cent’ is making a big bet that the world’s worst-performing currency is about to surge ‘violently’ from Markets Insider. ~JB

Subscribe to the JLN Options Newsletter HERE (it’s free).

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Options Discovery Episode 23: Intro To JEPI And JEPQ, JP Morgan’s Covered Call ETFs; Rich Excell, Discusses Covered Call ETFs
JohnLothianNews.com

In this episode of Options Discovery, Asma Awass introduces covered call ETFs, more specifically JEPI and JEPQ. This episode includes a breakdown of covered call ETFS and the metrics of JEPI and JEPQ. Asma then sits down with Rich Excell, an experienced hedge fund portfolio manager and clinical assistant professor in finance, to discuss JEPI and JEPQ in more depth. Asma and Rich discuss the benefits of JEPI and JEPQ, the strategy behind them, their recent growth, and more.

Watch the video »

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JEPI And JEPQ, JP Morgan’s Covered Call ETFs; Veteran Portfolio Manager, Rich Excell, Discusses Covered Call ETFs And More
JohnLothianNews.com

In this Options Discovery full interview, Asma Awass speaks with Rich Excell, a veteran portfolio manager and host of the Investment Exchange Forum & Macro Matters Podcast. Rich talks about a variety of topics from his career including his experiences as a portfolio manager and his blog Excell with Options. Rich also gives insight into the benefits of JEPI and JEPQ, the strategy behind them, their recent growth, and more. Feel free to learn more these two ETFs here: https://am.jpmorgan.com/us/en/asset-JEPI
https://am.jpmorgan.com/us/en/asset-JEPQ

Watch the video »

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Griffin Says Scrutiny of SEC Basis Trade ‘Utterly Beyond Me’; He says the strategy saves US taxpayers billions every year; Citadel founder comments at Robin Hood Investors Conference
Hema Parmar – Bloomberg
Citadel founder Ken Griffin rebuffed regulators’ critique of the so-called basis trade, saying their efforts are “utterly beyond me.” Hedge funds and others who employ the strategy are helping to provide liquidity and fund the Treasury market efficiently, reducing costs for taxpayers, Griffin said Wednesday at the Robin Hood Investors Conference in New York, according to people familiar with the matter. “This is totally lost on Gary Gensler and totally lost on the Fed,” Griffin said during a conversation with fellow billionaire Paul Tudor Jones.
/jlne.ws/479EyyJ

***** I get worried when Ken Griffin gets confused.~JJL

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Markets in an Era of Clashing Superpowers; A world of falling cooperation and rising political polarization is a world of higher interest rates where valuations matter again.
John Authers – Bloomberg Opinion
Eras. Are we entering a new era? And does it matter? The world is a mixed-up place at present. The situation in Israel is suddenly its most violent in half a century, while a once-unimaginable war in Ukraine drags on with little sign of resolution. Relations between the US and China are deteriorating rapidly, almost as if Richard Nixon’s visit to Mao Zedong in 1972 had never happened. The US House of Representatives fired its speaker and then needed three weeks to agree on an ultra-conservative alternative. And, back on Points of Return’s normal territory, inflation has returned and the interest rates to control it are the highest in a generation.
/jlne.ws/45QzC0m

***** The world I knew and the world I want to live in seems to be slipping away.~JJL

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The War That Broke Social Media; The platforms that found popularity by helping disseminate trustworthy, real-time information now seem to showcase anger, chaos and infighting.
Reyhan Harmanci – Bloomberg
The image shows a man’s hand holding up a Palestinian flag with what looks to be a rose, framed by a sunset. “We are staring into the void-in the midst of an apocalypse rendered by our own bloody hands,” reads the Instagram post. This came not from an individual account but instead from a restaurant called Lil Deb’s Oasis in Hudson, New York. In the comments on that post, things got messy, as Lil Deb’s heard from disgruntled customers (“never stepping foot in your restaurant again how sick”), rhapsodic fans (“Looks like y’all took out the overflowing trash, and it only took one post!”) and potential customers (“Was hoping to try out the food at your restaurant but I don’t support terrorists or people that don’t actively condemn terrorists”). Lil Deb’s claimed to have lost 2,000 followers after the post and said: “We aren’t afraid to lose fake friends.” Later, via email, it put the figure around 600.
/jlne.ws/40dc9oZ

***** What I would like to know is, what has the impact of the deterioration of information and number of participants on Twitter, now known as X, done for trading systems that harvest the tweets to use for market sentiments? Is X still useful as a market sentiment tool?~JJL

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Wednesday’s Top Three
Our top story Wednesday was Goldman Wants Trading Derivatives to Be Easy as Buying on Amazon, from Bloomberg. Second was The Unintended Consequence of Market Structure Reform: Cutting Out the Everyday Investor by Oliver Sung at Cboe. Third was Ohio State fans troll Jim Harbaugh at GameDay over sign-stealing allegations, from Fansided.

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Lead Stories

ICE Appoints Chris Edmonds to Lead Fixed Income and Data Services Business; Chief Regulatory Officer Elizabeth King to Lead ICE’s Clearing Operations
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today that Christopher Edmonds, currently ICE’s Chief Development Officer, will succeed Amanda Hindlian to lead ICE’s Fixed Income and Data Services (FIDS) business segment, a position that will move to ICE’s Atlanta headquarters. The FIDS segment, ICE’s second largest, earned $546 million in revenue in Q2 2023 and $2.1 billion in revenue for the full year 2022.
/jlne.ws/46Htmt6

UK Banks Call for Caution on Artificial Intelligence Regulation; Industry figures discussed risks of AI with finance watchdogs; Bias and complex rules were highlighted as risks of new tech
Aisha S Gani – Bloomberg
Finance and technology firms have cautioned UK regulators against heavy-handed rules governing artificial intelligence, saying they shouldn’t try to define the nascent technology at present. The Prudential Regulation Authority and Financial Conduct Authority said discussions with 54 companies and industry bodies produced no clear consensus on the potential benefits or risks of AI, according to a paper published Thursday, which did not name the firms consulted.
/jlne.ws/3MhcHo7

Sam Bankman-Fried Takes Stand in Reminder of Crypto’s Epic Fall; Last year, crypto was still the future of finance. As SBF prepares to testify, the new documentary RUIN explores what’s transpired since FTX’s stunning collapse.
Pat Regnier – Bloomberg
The fraud trial of Sam Bankman-Fried has often felt like a flashback from the distant past. Was there really ever a time when people thought his FTX crypto exchange was a real business, when the awkward 31-year-old-who’s expected to take the stand as soon as today-was a billionaire market mogul, respectfully consulted his take not only on cryptocurrencies but also on US market regulation, philanthropy and even the future of the human species in the face of intelligent robots?
/jlne.ws/49aMKR6

How Climate Change Drives Conflict and War Crimes Around the Globe; Human rights advocates want the International Criminal Court to begin gathering evidence on the way climate-amplified extreme weather, heat, drought and flooding are driving armed conflict, crimes against humanity and war crimes.
Katie Surma – insideclimatenews.org
Drought, flooding and extreme weather are driving and amplifying violent conflict around the world. At the same time, warfare has devastated ecosystems, imperiled access to vital resources and left behind toxic legacies that sicken civilian populations. On Thursday, a coalition of human rights organizations and lawyers published an open letter urging the International Criminal Court’s prosecutor, Karim A. A. Khan, to begin assessing the links between climate change and crimes in the court’s remit. The letter also calls on Khan to prioritize the prosecution of crimes that cause environmental destruction, citing a host of examples:
/jlne.ws/3tTNCcl

U.N. report warns of catastrophic climate tipping points. California is nearing several
Hayley Smith – LA Times
Humanity is on course to transgress multiple global “tipping points” that could lead to irreversible instability or the complete collapse of ecological and institutional systems, a United Nations report warned Wednesday. The third annual Interconnected Disaster Risks report from the U.N. University’s Institute for Environment and Human Security in Bonn, Germany, found that drastic changes will occur if urgent actions are not taken around six moments when sociological systems are no longer able to buffer risks.
/jlne.ws/3MiXenr

The new global arms race will lead to catastrophe. The west can pursue it – or choose peace
Carlo Rovelli – The Guardian
In the autumn of 1914 a frantic race to build weapons and decouple economies was under way among the countries of Europe. As the war cry on both sides intensified, a young Albert Einstein, together with the astronomer Wilhelm Foerster, physiologist Georg Friedrich Nicolai and philosopher Otto Buek, signed a Manifesto to the Europeans, inviting scholars and artists, “those of whom one should expect such convictions”, to speak against the escalation, think in terms of a common culture, transcend nationalist passions and call for a “union of Europeans” to prevent Europe from perishing in a “fratricidal war”. Few listened. Europe sank into the catastrophes of the two world wars, which led to the end of its pre-eminence.
/jlne.ws/477jx7y

Morgan Stanley’s Ted Pick Will Succeed James Gorman as CEO; Pick is seen as architect of trading revival after ’08 crisis; He’s helped firm go toe-to-toe with chief Wall Street rivals
Sridhar Natarajan – Bloomberg
Morgan Stanley selected Ted Pick to become its new chief executive officer, succeeding James Gorman after a 14-year run that reshaped the Wall Street bank. Pick, a co-president and three-decade veteran of the firm, will be elevated to the top role in January and join the board, the bank said in a statement Wednesday. Gorman, 65, will stay on as executive chairman.
/jlne.ws/40esz0A

Fintech Firms Like Worldline Caught Naked as Tide Goes Out; Payments middlemen have few places to hide as consumer spending slows.
Lionel Laurent – Bloomberg
A rising tide lifts all boats, but only when it goes out do you see who’s been swimming naked, as Warren Buffett famously said. So it is for the boom in digital payments and online shopping, which drove huge investor enthusiasm for all tech middlemen shuffling payments from A to B and taking cuts along the way. Now the sector is revealing hidden nasties as recession looms.
/jlne.ws/3sc0pGE

Is Natural Gas About to Become a Buyer’s Market? It’s not too soon for Europe to plan for a world flush with LNG supplied by the US and Qatar.
Javier Blas – Bloomberg
For the second straight winter, Europe’s energy strategy is based largely on hopes for mild weather and reduced industrial demand, with gas prices still hovering at about 50 euros ($53) per megawatt-hour, more than double the average in the decade before Vladimir Putin’s invasion of Ukraine.
/jlne.ws/45Rf3ku

JPMorgan Says JPM Coin Now Handles $1 Billion Transactions Daily; JPM Coin allows blockchain-based payments by wholesale clients; Token is a rare instance of live blockchain use by a big bank
Suvashree Ghosh – Bloomberg
JPMorgan Chase & Co.’s digital token JPM Coin now handles $1 billion worth of transactions daily and the bank plans to continue widening its usage, Global Head of Payments Takis Georgakopoulos said. “JPM Coin gets transacted on a daily basis mostly in US dollars, but we again intend to continue to expand that,” Georgakopoulos said Thursday in an interview on Bloomberg Television.
/jlne.ws/3sc0MB2

EU Markets Watchdog Says Companies Spending More on ESG; Corporates are aligning investments with EU taxonomy: study; Europe is building a list of sustainable business activities
Frances Schwartzkopff – Bloomberg
Europe’s markets watchdog says companies in the bloc are directing a larger chunk of their investments toward environmentally and socially sustainable activities than they used to. The European Securities and Markets Authority said it reviewed the 2022 accounts of 54 large and small non-financial companies, and found they’re making investments that are more in line with the bloc’s list of climate-friendly activities than their current operations would otherwise indicate.
/jlne.ws/472ztYM

The Case to Break Up Google Hinges on Four Taps and a Swipe; With billions of dollars at stake, arguments at the antitrust trial center on app design.
Austin Carr – Bloomberg
The core of the US government’s argument that Google is an illegal monopoly is a process that involves, on an iPhone, exactly four taps and a swipe. That’s what it takes to switch search engines. To explain it step by step, prosecutors called to the witness stand on Sept. 26 one of Apple Inc.’s most powerful executives, Eddy Cue.
/jlne.ws/3SeHkyr

Wave of Job Cuts ‘Probably Just the Beginning’ at Canadian Banks; Lenders look for savings amid revenue and capital pressures; End-of-year cost cutting resumes after pause during pandemic
Christine Dobby – Bloomberg
Canadian banks have resumed cutting jobs after a three-year hiatus, with lenders and investment banks so far dismissing at least 6,000 workers, and analysts predicting more to come as revenue remains under pressure. Bank of Nova Scotia, Royal Bank of Canada and Bank of Montreal all disclosed plans in the past few months to reduce headcount by 2% to 3%, while smaller players Desjardins Group and Canaccord Genuity Group Inc. have also trimmed staff.
/jlne.ws/46KEmWM

UPenn Fights Back Against Billionaire Ultimatum as Divisions Rise; Uproar over antisemitism spurs calls for leaders to step down; School is at center of campus debate as Israel-Hamas war rages
Heather Perlberg and Amanda L Gordon – Bloomberg
Scott Bok has spent decades advising corporate titans on how to fend off hostile takeovers. Now he’s in a fight of his own against a growing list of billionaires who are angry over his work at the University of Pennsylvania.
/jlne.ws/3s9ozSo

The Challenges Facing Sam Bankman-Fried’s Lawyers; They are set to start their defense on Thursday, with the FTX founder planning to testify in his criminal fraud trial. Hurdles include what Mr. Bankman-Fried’s former associates said on the stand.
Matthew Goldstein, David Yaffe-Bellany and J. Edward Moreno – The New York Times
On the second day of Sam Bankman-Fried’s fraud trial this month, one of the lawyers for the cryptocurrency mogul delivered an emphatic message to the jury. Mr. Bankman-Fried is not a criminal, the lawyer declared, and every decision that led to the collapse of his FTX crypto exchange had been made in “good faith.”
/jlne.ws/3rZGOJZ

Leaders in Trading 2023: Meet the nominees for… Outstanding Non-Bank Electronic Liquidity Provider; Learn more about the four firms shortlisted for The TRADE’s 2023 Editors’ Choice Award for Outstanding Non-Bank Electronic Liquidity Provider: including Citadel Securities, Optiver, Virtu Financial, and XTX Markets.
Editors – The Trade
Next up in our introduction to the distinguished nominees for Leaders in Trading 2023 Editors’ Choice Awards, we bring you the shortlist for Outstanding Non-Bank Electronic Liquidity Provider, showcasing excellence in liquidity provision outside of the traditional sphere. Over the last year, the liquidity landscape has continued to develop, with players continually innovating their offerings and growing their teams to better meet client needs.
/jlne.ws/46HCfms

Ukraine Invasion

World’s ghost fleet in focus over US Russian price cap crackdown
Robert Harvey and Natalie Grover – Reuters
U.S. penalties on shippers transporting Russian oil in breach of the G7’s price cap could push more Russian cargoes onto vessels referred to as the ghost fleet and away from mainstream tankers, shipping sources and analysts told Reuters. The cap bans Western companies from providing maritime services for Russian seaborne oil exports sold above $60 a barrel.
/jlne.ws/3QfpwAi

Ukrainian bakery braces for another winter of power outages
Stefaniia Bern and Sergiy Karazy – Reuters
Ukrainian businesses are preparing for the prospect of another winter of widespread power outages amid fears that Russia will repeat a campaign of air strikes on civilian infrastructure. “We are a nation that adapts easily,” said Nataliia Shadryna, who runs a bakery in the capital Kyiv. “We survived last year and are preparing for this one.”
/jlne.ws/45Scvm1

Ukraine suspends Black Sea grain corridor over threat from mines, warplanes
Pavel Polityuk – Reuters
Ukraine has suspended the use of its new Black Sea grain export corridor due to a possible threat from Russian warplanes and sea mines, the Kyiv-based Barva Invest consultancy and a British security firm said on Thursday. Ukraine has been using the shipping corridor to try to revive its seaborne exports without Russia’s blessing, defying threats from Moscow which quit a U.N.-brokered deal in July that had allowed some food exports to flow despite the war.
/jlne.ws/45N75bW

Euroclear earns EUR3bn from Russian assets frozen by west; Windfall for Belgian depository likely to raise pressure to channel proceeds to Ukraine
Laura Dubois in Brussels and Nikou Asgari – Financial Times
Euroclear has earned just over EUR3bn so far this year from Russian assets frozen at the securities depository by EU sanctions, in a windfall that is likely to crank up the pressure on European leaders to channel the profits to Ukraine. The Belgium-based group said on Thursday that income related to trapped Russian assets jumped in the first nine months of the year from EUR347mn in the same period in 2022, propelled by rising interest rates.
/jlne.ws/3tNRxro

Ukrainian hackers and intel officers partner up in apparent hack of a top Russian bank
Jenna McLaughlin – NPR
Two Ukrainian hacktivist groups are claiming to have broken into Russia’s largest private bank, Alfa-Bank. In a blog post last week, the hackers from groups called KibOrg and NLB shared screenshots of what appears to be an internal database belonging to Alfa-Bank, as well as personal details of several Russian individuals as “confirmation” of the breach. Within the database, the hackers say there are over 30 million records including names, birthdates, account numbers and phone numbers of Russian customers.
/jlne.ws/3SesUyg

Israel/Palestine Conflict

Israel’s Friends Are Urging Patience. That’s Good Advice; Delaying a ground invasion of Gaza would make sense, as there’s little downside. It would also be good for Netanyahu’s battered reputation.
Marc Champion – Bloomberg
The US has asked Israel to delay its Gaza ground invasion to make time to negotiate hostage releases and, reportedly, to rush extra missile defenses to America’s military bases across the Middle East. No doubt Benjamin Netanyahu will oblige his most important ally – it should take just a few days. But the better reason for the prime minister to take his time is to be sure he’s doing the right thing for Israel, not to mention his own damaged reputation.
/jlne.ws/3FRbSip

I run the UN agency for Palestine refugees. History will judge us all if there is no ceasefire in Gaza
Philippe Lazzarini – The Guardian
For more than two weeks now, unbearable images of human tragedy have come out of Gaza. Women, children and elderly people are being killed, hospitals and schools have been bombarded – no one is spared. As I write this, UNRWA, the United Nations agency for Palestine refugees, has already, tragically, lost 35 of its staff, many killed while in their homes with their families. Entire neighbourhoods are being flattened over the heads of civilians in one of the most overcrowded spots on Earth. The IDF has been warning Palestinians in Gaza to move to the southern part of the strip as it bombs the north; but the strikes also continue in the south. There is nowhere safe in Gaza.
/jlne.ws/3FyRzWG

Israeli Tanks Carry Out Biggest Raid Inside Gaza Since Oct. 7 Attacks; Israeli military says incursion was part of preparations for the next stages in the fighting
Dov Lieber and Saeed Shah – The Wall Street Journal
The Israeli military on Thursday carried out its biggest raid into the Gaza Strip since Hamas militants’ Oct. 7 attack on Israel, in what it said was an effort to prepare the ground for an eventual invasion of the enclave.
/jlne.ws/3tJTKnD

Israel must know that destroying Hamas is beyond its reach; The longer-term goal should be to stabilise Gaza and prevent the violence flaring into regional conflict
John Sawers – Financial Times
In the Yom Kippur war, 50 years ago this month, the attacking armies from Egypt and Syria had a clear goal – to recover some of their territory and their dignity from the defeat by Israel six years earlier. Had Jordan’s King Hussein sent his forces into the conflict, Israel’s very existence could have been at stake. Israel faced a fight to defend itself.
/jlne.ws/3QfolkD

Exchanges, OTC and Clearing

CME Group CEO: Buying government treasuries and not hedging is a ‘very risky proposal’
CNBC
CME Group CEO Terry Duffy joins ‘Squawk on the Street’ to discuss how the volatility in the rate markets has impacted the CME’s business, what Duffy chalks up the move in rates to, and more.
/jlne.ws/3tWvHli

CME Group third-quarter profit rises on trading strength
Laura Matthews and Pritam Biswas – Reuters
CME Group (CME.O) reported a rise in third-quarter profit on Wednesday as traders used the company’s products to hedge against volatility in markets roiled by economic and geopolitical uncertainty. CME shares, which are up 27% year to date, fell in morning trading after LSEG data showed quarterly revenue was $4 million shy of the analyst estimate of $1.34 billion. But shares recovered and were down just slightly by late morning.
/jlne.ws/479B6Ed

Trading in some stock options halted for second time in a week as exchanges hit by outage
Joseph Adinolfi – MarketWatch
Trading in some U.S. equity options was briefly halted on Wednesday as a critical piece of the options-market plumbing suffered its second outage in a week. A processing issue at the Options Price Reporting Authority, an entity that collects and aggregates data on options trades from the 16 U.S. options exchanges, forced Cboe Global Markets – which operates four of those exchanges, including the largest by volume, Cboe Options Exchange – to temporarily suspend trading in so-called multilisted options, which trade on multiple exchanges, according to a statement on the exchange operator’s website.
/jlne.ws/47009cw

The New York Stock Exchange Announces NYSE LaunchPad to Assist Startups on Their Growth Journey
Intercontinental Exchange
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced NYSE LaunchPad. This innovative new program is designed to help today’s entrepreneurs leverage enterprise technology expertise through a secure, cloud-based platform. As part of the next chapter in how the NYSE and ICE help new and established companies thrive in continuously evolving market conditions, NYSE LaunchPad leverages the vast technical expertise that exists across ICE’s businesses. The program, which provides startup companies with the ability to evaluate, test, and receive actionable insights about their products, also allows them to leverage the NYSE’s unique visibility platform to share their innovations with a broad global audience.
/jlne.ws/3tNHH8O

MARF admits to trading a new Green Commercial Paper Programme from Greening for 20 million euros
BME
The BME’s fixed income market, MARF, has admitted to trading a new Green Commercial Paper Programme of Greening, for an outstanding balance of 20 million euros. This new program will enable Greening to issue one-year CPs with unit face value of 100,000 euros and maximum maturities of 24 months. This is the first time that Greening is accessing the fixed-income markets to diversify its sources of financing. Greening has structured the Commercial Paper to be issued under the program to qualify as a green instruments under the Greening Group’s “Green Financing Framework 2023”, from which it can issue bonds and notes in accordance with the Green Bond Principles and enter into financing contracts in accordance with the Green Loan Principles of the International Capital Markets Association (ICMA). To this end, on September 21, it obtained an expert opinion, Second Party Opinion, issued by SERFIEX, confirming that the Greening Group’s “Framework for Green Finance 2023” is credible and generates a positive impact, and is aligned with the four fundamental principles that make up the GBP and GLP.
/jlne.ws/46KWkbs

Deutsche Boerse Photography Foundation, together with the Goethe-Institut Paris, is showing works by Ute Mahler and Marit Herrmann’s students at the Ostkreuzschule Berlin.
Deutsche Boerse
The exhibition “With Each Other” as part of the exhibition series “La jeune photographie allemande” can be seen from November 10, 2023 to January 15, 2024 at the Goethe-Institut Paris. The exhibition presents ten artistic positions by students at the Ostkreuzschule Berlin. The opening of the group exhibition will take place on Thursday, November 9, 2023 at 6:30 p.m. at the Goethe-Institut Paris. A press tour will take place on Thursday, November 9, 2023, at 5 p.m., at the Goethe-Institut Paris.
/jlne.ws/3Mfkv9X

Notice of Abolition of the Shareholder Benefit Plan; Japan Exchange Group, Inc. (JPX) announces that we have decided to abolish the shareholder benefit plan as of March 2025, as indicated below.
Japan Exchange Group
1. Reasons Until now, JPX has offered the shareholder benefit plan in order to respond to the daily support of our shareholders. However, to ensure equal treatment of shareholders, JPX has carefully considered how to fairly return profits to shareholders, and as a result, we have decided to abolish the shareholder benefit plan and will concentrate on returning profits through dividends and other means. JPX will continue to work to enhance our corporate value while positioning the return of profits to shareholders as one of our important management issues. We are highly grateful for the kind understanding of our shareholders in this matter.
/jlne.ws/3QxsTEe

Japan Exchange Group, Inc. and Consolidated Subsidiaries
Japan Exchange Group
Consolidated financial results for the six months ended September 30, 2023
(Based on IFRS), unaudited.
/jlne.ws/474RllT

Overview of Earnings for Q2 FY2023 [IFRS]
JPX
(April 1, 2023 – September 30, 2023) This document is not subject to the review procedures required under the Financial Instruments and Exchange Act.
Please note that its contents have not been reviewed on a consolidated basis in accordance with the Act as of the time of disclosure.
/jlne.ws/3QwyPgL

Request For Comments Amendments To The Rules Of Bourse De Montreal Inc. To Introduce Reference Rate Fallback Procedures
Montreal Exchange
On October 24, 2023, the President and Chief Executive Officer of Bourse de Montreal Inc. (the “Bourse”) approved amendments to the rules of the Bourse (the “Rules”) in order to include fallback procedures for benchmark reference rates, namely to modify the settlement price procedure for Three-month Canadian Bankers’ Acceptance Futures (BAX) contracts to allow for their conversion to Three-Month CORRA Futures (CRA) contracts, before the discontinuation of CDOR.
/jlne.ws/3sgeYZP

Invesco QQQ Innovation Suite Celebrates Three-Year Anniversary of Providing Investors New Ways to Access Nasdaq-listed Companies; The suite offers investors personalized access to companies of all sizes that are focused on innovation
Nasdaq
Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, announced that the popular Invesco QQQ Innovation Suite has reached its three-year milestone. The line-up of products is intended to provide every type of investor a simple way to invest in ingenuity and innovation.
/jlne.ws/3QyxJkO

Changes in Nifty Fixed Income indices
NSE
The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has decided to make changes as listed hereunder. These changes shall become effective from October 31, 2023.
/jlne.ws/3QzFuXH

Keynote speech by Prof Tan Cheng Han, Chairman of SGX RegCo at Shared Services for Charities’ Annual Seminar 2023
SGX
The revised Code of Governance for Charities and Institutions of a Public Character was launched in April this year. Some of the key changes such as the imposition of term limits for board members, and the introduction of ESG-related requirements, parallel governance-related changes in the corporate space, particularly for publicly listed companies. This should come as no surprise in a world where lines between for-profit and non-profit entities are becoming more blurred in terms of social expectations and accountability to overlapping stakeholder groups. This overlap is reflected in my attendance here today. Ms Yeo Lian Sim invited me in my SGX RegCo capacity but she also wants me to share perspectives from my experience in the non-profit sector.
/jlne.ws/3FtIZZn

Moscow Exchange will hold MOEX Home Talks with Renaissance Insurance Group
MOEX
On October 26, 2023, the Moscow Exchange will hold MOEX Home Talks with the CEO of the Renaissance Insurance Group, Yulia Gadliba, and the Vice President for Corporate Development and Communications of the Renaissance Insurance Group, Vladimir Zaluzhsky. The meeting will be chaired by the head of the Moscow Exchange department, Kristina Artemova. Participants will talk about the business of the Renaissance Insurance Group two years after the IPO and the start of trading in the company’s shares on the Moscow Exchange, plans for the development of the company’s technological services and the prospects for the Russian insurance market.
/jlne.ws/3s8PyNQ

Fintech

Research finds market data vendors are gouging users with aggressive price raises
Finextra
A new study by Substantive Research finds that market data prices are rising faster than ever despite an ongoing review by the Financial Conduct Authority into competitive practices in the market. In August 2023 the FCA released its update on the highly anticipated Wholesale Market Data Study, stating that it will publish its findings in March 2024, focusing on “concerns that competition may not be working well”. The FCA also stated that it would be assessing the reality and risks of “bundling of core services with other data services, making it difficult for users to switch; restrictive terms around data usage; high barriers to market entry; high charges for users when renewing their contracts; and, a low level of meaningful innovation in the market”.
/jlne.ws/3QfxOs2

UK Startup Investment Hits $15 Billion This Year Due to US Money
Irina Anghel – Bloomberg
UK startups have attracted $4.9 billion in investment in the third quarter in part thanks to US backers, allowing Britain to maintain its status as the top European destination for venture capital.
/jlne.ws/49bYNgM

Hollywood Actors Fighting Over ‘Basic Principles’ of AI Replicas; SAG-Aftra’s chief negotiator says studios offered proposals “right at the end of our negotiating period that were really inconsistent with the idea of informed consent and fair compensation.”
Nate Lanxon and Jackie Davalos – Bloomberg
One month after the Hollywood writers’ strike ended following a landmark agreement with studios to establish guardrails for how artificial intelligence is used in their work, actors are still working to reach a similar deal for their own AI protections.
/jlne.ws/3s67N6q

Fintech Firm Wex Agrees to Acquire Payzer in $250 Million Deal
Emma Sanchez – Bloomberg
Financial services technology firm Wex Inc. has agreed to acquire contractor software company Payzer LLC. Wex is buying Payzer for about $250 million, with additional consideration of as much as $11 million based on performance metrics, according to a statement on Thursday that confirmed an earlier Bloomberg News report. It plans to finance the acquisition through its revolving credit facility and cash on hand.
/jlne.ws/3tQcaTN

Ever.Ag Acquires Austin Data Labs: Unveiling the Next Wave in AgTech
Read
Exciting transformations are underway at Ever.Ag, a distinguished software provider serving the agriculture industry. In a deliberate move to unify a fragmented agricultural supply chain, Ever.Ag acquired Austin Data Labs, an award-winning AI and data science firm known for pioneering innovative data solutions, earlier this year.
/jlne.ws/3Fy8FDX

FXSpotStream enhances offering with FairXchange platform; The move is set to allow FXSpotStream clients to further optimise their trading processes and strengthen relationships with their liquidity providers.
Claudia Preece – The Trade
FXSpotStream – a subsidiary of LiquidityMatch – has integrated FairXchange’s data analytics platform, Horizon, in a bid to enhance trading execution and analysis. The move to include the real-time analytics is set to make for more precise processes.
/jlne.ws/45H6ZCZ

Market data prices rising ‘faster than ever’ despite FCA investigation, new data finds; Provider power is creating a dynamic in which asset managers and banks are on an unsustainable path – it will become economically un-viable, Substantive Research chief told the TRADE.
Annabel Smith – The Trade
The cost of data continues to be a key issue for participants on both the sell- and buy-side, leaving many participants disgruntled that they are paying too much for datasets that are essential to their future success. Following years of canvassing from market participants, the UK’s Financial Conduct Authority launched a three-pronged investigation into competition and cost in the data markets in January 2022.
/jlne.ws/3QxEm6I

Cybersecurity

How to Become a Cybersecurity Engineer
Nathan Eddy – Dice.com
Cybersecurity engineers have a straightforward mission: help protect their organization’s tech stack from internal and external threats. On a tactical level, that means they need to develop expertise in digital forensics, security policies, and network defense while collaborating with other stakeholders throughout an organization, from management to other tech professionals. In order to become a cybersecurity engineer, you’ll need to learn how to identify vulnerabilities and attacks (such as unauthorized data access and proofing), conduct vulnerability assessments and penetration testing, and how to best implement secure network solutions. As you evolve into the cybersecurity engineer role, you’ll serve as the first line of defense between your organization and potential security breaches.
/jlne.ws/3QfcBi9

With the rise of cyber threats, take steps to protect yourself
The Globe and Mail
This summer, federal and provincial law enforcement agencies warned the public about a rise in instances of the “grandparent scam.” Fraudsters use emails, texts and phone calls to try to convince seniors that their grandchildren have been charged with offences and need immediate payment for bail or to cover fines. Earlier this year, there were reports of an increase in the “Canada Post scam,” where a text, presumably from the mail carrier, asks people to provide banking information to cover a delivery charge.
/jlne.ws/40aFkJi

Ransomware Soars as Myriad Efforts to Stop It Fall Short
Andrew Martin – Bloomberg
The Cyber Angle
For the past two years, a loose coalition of government officials, law enforcement and cybersecurity companies have tried all kinds of tactics to curb ransomware attacks. The fruit of those labors? 2023 is turning out to be an awful year for ransomware attacks, leading some cyber experts to revisit the controversial idea of banning ransom payments altogether.
/jlne.ws/3Qvgxwu

Cryptocurrencies

Bitcoin Faces Reality Check if ETF Launches Spark ‘Sell-the-News’ Pivot; Token up 16% this week on hopes of first US spot Bitcoin ETFs; Chart patterns signal stretched rally may face some resistance
Akshay Chinchalkar and Suvashree Ghosh – Bloomberg
Bitcoin has jumped on bets that the first US exchange-traded funds investing directly in the token are set to be approved. The question now is whether an actual green light for the products would spur some profit-taking. The largest digital asset is up 16% this week and at one point topped $35,000 for the first time since 2022. In contrast, global stocks are wilting under elevated Treasury yields and deepening geopolitical gloom.
/jlne.ws/40dS7uL

FTX Cold Wallets Move $19M in Solana, Ether to Crypto Exchanges; The debtor group in control of FTX assets has conducted various on-chain transactions in the past few weeks.
Shaurya Malwa – CoinDesk
The debtor group controlling wallets linked to the cold storage of bankrupt crypto exchange FTX moved more than $19 million worth of assorted tokens to crypto exchange addresses on Thursday, blockchain data shows. On-chain analytics firm Peckshield said some 470,000 SOL, worth $15 million at current prices, were moved to different wallets. “Some of these funds have been sent to CEXs like Binance,” the firm added, referring to centralized crypto exchanges.
/jlne.ws/3SdnEe4

Sam Bankman-Fried’s Desperate Last Stand; If his trial were going better, the fallen crypto king wouldn’t be testifying in his own defense.
Ben Schiller – CoinDesk (opinion)
As the trial of Sam Bankman-Fried has unfolded the last couple of weeks, one question has lingered heavily in the air. Would he testify? We now know the answer.
/jlne.ws/409M5ek

How Japan Is Leading the Race to Regulate Stablecoins; Japan’s new law tries to address one of the biggest fears about major stablecoins: Do issuers really have the assets to back them?
Emily Parker – CoinDesk
Most major countries have yet to regulate stablecoins. One exception is Japan, a trailblazer in this area. A stablecoin law took effect in the world’s third-largest economy in June. Japan’s example is important because it shows that stablecoin regulation is indeed possible. This would seem obvious, but it’s not. In the United States, for example, Congress is still fighting over this issue and no stablecoin bill has made it into law. The European Union’s stablecoin regulations take hold next year, but gray areas remain.
/jlne.ws/3SdnZxm

Deutsche Bank and Standard Chartered Ventures Test SWIFT Killer for Stablecoins and CBDCs; The Universal Digital Payments Network instructs and allows transactions, ranging from stablecoins on public blockchains to central bank digital currencies.
Ian Allison – CoinDesk
Deutsche Bank and Standard Chartered’s SC Ventures are testing a system that will allow blockchain-based transactions, stablecoins, and central bank digital currencies (CBDCs) to talk to one another, taking an approach similar to the SWIFT messaging layer in legacy banking infrastructure.
/jlne.ws/45H2GYl

FTX Is Probing $6.5 Million Paid to Leading Nonprofit Group on AI Safety; FTX said it paid the Center for AI Safety $6.5 million in 2022; CAIS released letter on AI risks signed by industry executives
Jonathan Randles and Steven Church – Bloomberg
FTX is demanding information about millions of dollars the bankrupt crypto firm gave to a top nonprofit group studying the risks of artificial intelligence. Before it failed, FTX paid San Francisco-based Center for AI Safety $6.5 million between May and September 2022, according to a Wednesday court filing. The bankrupt crypto exchange, now managed by FTX Chief Executive Officer John J Ray III, wants an accounting of those transfers and seeks permission from a Delaware bankruptcy judge to issue subpoenas to CAIS for documents and other information related to those payments.
/jlne.ws/3MhjsX1

FTX Claims Rise After Potential Bidders for Shuttered Exchange Emerge; Advisor said the company is engaging with ‘multiple parties’; Claims range from rights to FTX accounts to damages owed
Hannah Miller and Jeremy Hill – Bloomberg
Prices for FTX Group claims shot higher after an adviser to the failed crypto conglomerate said it is considering proposals from three bidders for its currently shuttered exchange. Cherokee Acquisition, which brokers bankruptcy claims, is now quoting larger FTX claims between 50 and 53 cents on the dollar, according to founder Vladimir Jelisavcic. Prices were in the low-to-mid 40 cents range last week.
/jlne.ws/3rZVzfQ

Politics

Saudi Arabia’s ‘New Middle East’ Has a Problem: The Old One; On this week’s In the City, we look at Crown Prince Mohammed bin Salman’s vision of regional prosperity, and whether it can survive the Israel-Hamas war.
Sommer Saadi – Bloomberg
In the seven years that Saudi Arabia has hosted its flagship investment conference, dubbed “Davos in the Desert,” Prince Mohammed bin Salman has expended energy on lowering the geopolitical temperature in the region. He’s resolved disputes with Qatar, minimized tensions with Iran, rowed back on his invasion of Yemen-all to focus on his primary goal: economic growth and economic diversification.
/jlne.ws/45NsiTa

Politics latest news: Liz Truss urges Rishi Sunak to rescind China’s invite to AI summit
The Telegraph
Liz Truss has urged Rishi Sunak to rescind China’s invitation to attend the UK’s AI safety summit at Bletchley Park next week. Ms Truss has written to the Prime Minister and said she was “deeply disturbed” by the decision to invite Beijing representatives to the summit. She said in the letter: “The regime in Beijing has a fundamentally different attitude to the West about AI, seeing it as a means of state control and a tool for national security.”
/jlne.ws/3Sdn7ZC

US-China Ties Quietly Mending Even as Global Turmoil Surges; Beijing ramps up dialogue on several fronts despite tensions; Flurry of diplomacy comes ahead of potential leaders’ meeting
Bloomberg News
With the Israel-Hamas war further dividing a world shaken by Russia’s invasion of Ukraine and elevated inflation, US-China ties are suddenly providing cause for some optimism. President Xi Jinping’s government has engaged with a flurry of US leaders since June, with the Chinese president telling a visiting senator this month there were “a thousand reasons to make US-China relations better, and no reason to make them worse” – some of his most dovish recent comments on the relationship.
/jlne.ws/3rYkikF

Regulation

Indian ‘Finfluencer’ to Refund $2.1 Million to Followers in Latest Crackdown; Influencer Ansari was providing illegal advisory service: SEBI; Regulator bars Ansari, firm linked to him from market
Ashutosh Joshi – Bloomberg
India’s market regulator barred a popular influencer on social media from securities trading and ordered him to refund 172 million rupees ($2.1 million) collected from followers after its investigation found he gave stock recommendations in the garb of providing educational training.
/jlne.ws/3QdTaWD

CFTC to Hold a Commission Open Meeting on November 1
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting on Wednesday, November 1 at 9:30 a.m. (EDT) at the CFTC’s Washington, D.C. headquarters. Members of the public are free to attend the meeting in person, listen by phone, or view a live stream at CFTC.gov.
/jlne.ws/49mMWgf

CFTC and State Regulators Enter Consent Order with California Precious Metals Dealer in $68 Million Fraud Targeting the Elderly
CFTC
The Commodity Futures Trading Commission and 30 state securities regulatory agencies that are members of the North American Securities Administrators Association (NASAA) today announced entry of a consent order in the U.S. District Court for the Central District of California against Safeguard Metals LLC and Jeffrey Ikahn (formerly Jeffrey Santulan a/k/a Jeffrey Hill) finding them liable for operating a nationwide $68 million fraudulent scheme, involving the sale of fraudulently overpriced silver coins that targeted elderly and retirement-aged people.
/jlne.ws/40dUrSv

CFTC to Host a Career Forum for College, University and Law School Students and Recent Graduates
CFTC
The Commodity Futures Trading Commission’s Office of Minority and Women Inclusion (OMWI) will host an in-person and virtual Career Forum for Colleges, Universities, and Law Schools on November 14-16. The forum will occur in half-day sessions, highlighting career paths across the CFTC in various occupations.
/jlne.ws/3QaaGeI

“Partners of Honest Business and Prosecutors of Dishonesty”: Remarks Before the 2023 Securities Enforcement Forum
Chair Gary Gensler – SEC
I am pleased to join you at the 2023 Securities Enforcement Forum. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the SEC staff. When I spoke with you two years ago, I shared what the SEC’s first chair, Joseph Kennedy, said in his first speech: “The Commission will make war without quarter on any who sell securities by fraud or misrepresentation.”
/jlne.ws/46Zcb62

SEC Obtains Emergency Relief Freezing Assets of Investment Adviser Charged with Defrauding Elderly Clients
SEC
The Securities and Exchange Commission announced today that it has filed charges and obtained a consented-to asset freeze against a Santa Maria, California-based investment adviser, who allegedly defrauded her victim clients of over $2 million.
/jlne.ws/3MgzjF7

Hedge fund co-founder Neil Phillips convicted over forex manipulation; Prosecutors alleged manager of Glen Point Capital had attempted to artificially move dollar-rand exchange rate
Joe Miller in New York and Costas Mourselas – Financial Times
A New York jury has convicted Neil Phillips, the high-profile manager of a London-based hedge fund previously backed by George Soros, over an alleged scheme to manipulate the US dollar to South African rand exchange rate as part of a ploy to trigger a $20mn options payment.
/jlne.ws/3SfIJoj

Investing and Trading

General Electric readies spinoff of GE Vernova energy unit; GE says GE Vernova will trade under the symbol ‘GEV’ when it starts trading on the NYSE next year
Larry Rulison – Times Union
General Electric Co. says it will spin off its GE Vernova energy unit into a standalone public company during the second quarter of 2024. Shares of the new, independent company will trade on the New York Stock Exchange under the symbol GEV, company officials said this week as the company also unveiled highly positive financial results for the third quarter of 2023 that ended last month.
/jlne.ws/472xIe8

Princeton’s $34 Billion Endowment Posts Worst Return in Ivy League So Far; Endowment posts 1.7% loss on investments in latest fiscal year; Venture capital dragged on results, as at other elite schools
Janet Lorin – Bloomberg
Princeton University’s endowment lost 1.7% on its investments during the latest fiscal year, its second straight negative return and the worst annual performance in the Ivy League with most schools reporting. The culprit for the negative return was poor performance in venture capital, compounded by an attempt to hedge against that result, said Andrew Golden, president of the Princeton University Investment Co., which manages the fund. The value of the endowment declined to $34.1 billion at the end of June, the New Jersey school said Wednesday.
/jlne.ws/3saBHqf

Bonds as Diversifiers Aren’t Dead – Just Dormant; Stock-bond correlations are positive again, making many observers question conventional investing wisdom.
Jonathan Levin – Bloomberg
Stocks and bonds are moving in lockstep once again, triggering more agita about what it all means. Before we get carried away anew with declarations about how “the investing world is forever changing,” it’s worth remembering how fluid the relationship has proved over the past couple of years – and how another twist is always just around the corner.
/jlne.ws/3QfjAaL

Private Credit Lenders Giving Up Protections to Win Bigger Deals; Maintenance covenants almost gone in large loans, Moody’s says; Competition with banks for business spurring weaker safeguards
Paula Seligson – Bloomberg
Private credit firms seeking to capture market share from traditional bank lenders are giving up investor protections as they snag larger financings, according to Moody’s Investors Service. Direct lenders have been siphoning business from the broadly-syndicated leveraged loan market in recent years, in part by staking a claim to increasingly larger deals. But an analysis by the credit-rating firm shows that legal safeguards that protect investors tend to weaken as the size of the transactions increase.
/jlne.ws/3QuQ2as

Trafigura Denies Knowing That Nickel Deals With Gupta Were Fake; Trading house responds to Gupta’s defense in London lawsuit; Trafigura is suing Gupta over alleged $590 million fraud
Jack Farchy – Bloomberg
Trafigura Group denied that it or any of its employees were aware that deals with businessman Prateek Gupta involved anything other than nickel, in the latest salvo in a fraud case that has rocked the metals industry. Trafigura, one of the world’s largest commodity traders, revealed in February that it had lost more than half a billion dollars after buying cargoes of nickel from Gupta’s companies, only to discover that they contained much lower value materials.
/jlne.ws/45QGJWC

Environmental, Social and Corporate Governance

Record sea temperatures push marine life into danger zone; Peak average temperature of 21.1C surpasses 2016 high, report says
Martha Muir – Financial Times
Marine biodiversity is under threat from record high global sea surface temperatures and more frequent marine heatwaves in unexpected zones, the latest European earth observation agency oceans report has found. Sea surface average temperatures reached 21.1C in April and large areas experienced “intense heatwaves” from June to August. The previous record temperature of 21C was in 2016, the report by Copernicus said.
/jlne.ws/474yM15

EU Says “Shocking and Shameful” Racism Is Getting Worse; EU Fundamental Rights Agency published new discrimination data; Almost half of those of African descent have faced racism
Jonathan Tirone – Bloomberg
The European Union said endemic discrimination against people of African descent is getting worse, with Black communities facing especially high hurdles to access jobs and apartments. The EU’s Agency for Fundamental Rights warned the prevalence of racism has risen in the last five years, compared with the same period when the survey was last published, with almost half the bloc’s people of African descent subject to discrimination based on skin color. The Vienna-based agency’s study, Being Black in the EU, suggests the European Commission is drifting further from its goal of boosting integration and inclusion among the bloc’s 448 million inhabitants by 2025, as envisioned by the EU’s anti-racism action plan.
/jlne.ws/3Fv6UHV

Comment: Why biodiversity is about to go mainstream in ESG investing
William Attwell – Reuters
Biodiversity and nature are as critical as climate change for determining humanity’s long-term prospects, but until now they have played a relatively minor role in sustainable investing. That’s changing. Biodiversity and nature-themed funds are mushrooming, with assets under management in European funds targeting biodiversity quadrupling in the 12 months to September, according to data from the European Securities and Markets Authority, though admittedly these funds still represent a tiny fraction of the market.
/jlne.ws/3sgjkQC

How to Prevent Forest Fires by Building Cities With More Wood; An entrepreneur in Washington state has a plan to reduce wildfire risks, promote low-carbon buildings and boost the local economy, all at the same time.
Leslie Kaufman – Bloomberg
This article is part of the Bloomberg Green series Timber Town, which looks at the global rise of timber as a low-carbon building material. Deep in Colville National Forest in eastern Washington state, Russ Vaagen is pointing to a delineation between woods that have been selectively thinned and those that haven’t. One side is light-filled and punctuated with meadows; the other is dense and dark and loaded with trees losing a Darwinian battle for water and life. To Vaagen it’s proof that America’s sawmills and lumberjacks can help head off the forest conflagrations that are becoming ever more common, and at the same time provide raw material for an emerging industry, known as mass timber, that makes sustainable wood building components.
/jlne.ws/4967ZmX

UK regulator trying to block release of Shell North Sea documents; Exclusive: North Sea Transition Authority under fire for using lawyers to argue against publication of environmental impact
Wil Crisp – The Guardian
/jlne.ws/45HKJZr

ESG Roundup: Market Talk
The Wall Street Journal
/jlne.ws/49a4jAt

Inside Poland Spring’s Hidden Attack on Water Rules It Didn’t Like; When Maine lawmakers tried to tighten regulations on large-scale access to water, the brand’s little-known parent company set out to rewrite the rules.
Hiroko Tabuchi – The New York Times
/jlne.ws/3Mcsnsz

Court Backs Germany’s LNG Push After Russia Curbed Gas Flows; Nation fast-tracked construction of LNG terminals last year; Move was to avoid shortages as Russia curtailed gas shipments
Karin Matussek – Bloomberg
/jlne.ws/3tJQf0t

Vattenfall Says Keeping Giant UK Wind Project Remains an Option; Next UK renewable energy auction will take place in 2024; Offshore wind suffering from high costs, supply chain snarls
Lars Paulsson – Bloomberg
/jlne.ws/3SfbYHH

Institutions

What Happened Inside Morgan Stanley After Ted Pick Was Named CEO; Next CEO has ‘tremendous following’ in firm, James Gorman says; Pick plans to maintain firm’s direction, he says in interview
Sridhar Natarajan and Michael J Moore – Bloomberg
Shortly before 5 p.m. on Wednesday, Morgan Stanley co-President Ted Pick was asked to join his boss in the board room. “I thought it was a good idea to join him – and to grab my jacket,” he said. Pick, 54, was greeted with a standing ovation and the news that he would succeed James Gorman, 65, as the firm’s chief executive officer. The Morgan Stanley lifer had won Wall Street’s most closely watched succession race and is taking the helm of a bank in a far different position than when Gorman ascended in the wake of the financial crisis.
/jlne.ws/3tKRL2l

Work & Management

Women who work in Utah’s Silicon Slopes share its dark side: ‘I was traumatized’; Utah is the fastest-growing state for tech jobs, with affordable housing and an outdoorsy lifestyle. But Silicon Slopes has a not-so-hidden difficult side for women.
Rosalie Chan – Insider
During an interview for an engineering job at a Utah tech company, Trina Limpert was told she was a “risky hire.” Although she got the job, Limpert still feels frustrated remembering her first day. As a network engineer, she had to prove herself by showing she could put together computer hardware. The male hires were given no such test and instead received shiny new desktops. “When I got in and met everyone else I was working with, I was just as skilled. I was just as qualified,” said Limpert, now the CEO of RizeNext, a Utah-based leadership-training consultancy she founded. She believes the only reason she was told she was a “risky hire” was because she’s a woman.
/jlne.ws/40iDuq0

Narayana Murthy says India’s work culture must change: ‘Youngsters should work 70 hours a week’; Narayana Murthy called for more discipline and improvement in work productivity. ‘Our culture has to change to that of highly determined, extremely disciplined and extremely hard-working people,’ he said.
MoneyControl
Infosys founder NR Narayana Murthy has said that youngsters should work 70 hours a week if India wants to compete with economies that have made tremendous progress in the last two to three decades. Murthy appeared on the the first episode of 3one4 Capital’s podcast ‘The Record’, which was released on YouTube today, and spoke about nation building, technology, his company Infosys and several other topics – including his opinion on today’s youth.
/jlne.ws/474Pfm1

Wellness Exchange

The Cannabis That People Are Using for Anxiety Is Probably Making It Worse; Anxious consumers are looking for help, and pot companies have promoted their products as an answer
Andrea Petersen and Julie Wernau – The Wall Street Journal
Lots of people with anxiety are counting on cannabis’s ability to treat their symptoms. There’s a problem: The science shows that it probably doesn’t help, and it may make those symptoms worse. Cannabis companies have promoted their products as helpful for anxiety, making for a potentially lucrative market. Anxious consumers have turned to weed and edibles for relief as treatments for their ailments have become harder to find. The number of available and affordable therapists badly lags demand and traditional medications don’t work for everyone.
/jlne.ws/3Qf9hUd

Five early warning signs of pancreatic cancer revealed after shock diagnosis of Countryfile star Adam Henson’s wife Charlie; Survival rates for pancreatic cancer are low because of how subtle the signs are
Emily Craig – Daily Mail
Countryfile’s Adam Henson admitted he and his wife Charlie ‘cried a lot’ during their wedding after they rushed to get married after her cancer diagnosis. The TV presenter, 57, said it felt like he was ‘hit with a sledgehammer’ when Charlie, his partner of 28 years, was told she had the disease in 2021.
/jlne.ws/474uQ0f

Do you know the signs of cancer? Here are the symptoms that you should never ignore; Early diagnosis is vital in beating the disease, but many cancer symptoms aren’t well known
Daily Mail
In our lifetime, half of us will be diagnosed with cancer*. And one of the keys to surviving it is early diagnosis and prompt treatment. However, while some symptoms of the disease are well known – such as lumps appearing on your body or moles changing appearance – many are not.
/jlne.ws/45PokJT

Regions

Hong Kong Exports Fall Again as Weak Demand Persists
Alan Wong – Bloomberg
Hong Kong’s exports in September fell again, extending their longest streak of monthly declines, as weak demand and China’s uncertain recovery continue to weigh on the financial hub. Overseas shipments fell 5.3% from a year earlier to HK$380 billion ($48.6 billion), the Census and Statistics Department said Thursday. That was slightly worse than the median estimate of a 5.2% drop in a Bloomberg survey of economists.
/jlne.ws/3Qa7mjK

UK Gas Grid Readies for Blending Hydrogen Amid Technology Debate; National Gas Transmission says 2% blend safe for existing grid; Government policy decision expected by end of this year
Elena Mazneva – Bloomberg
The UK’s natural gas network will be ready to blend some hydrogen into the grid by the end of next year, according to its operator, which is preparing for the technology despite renewed debates about its viability. National Gas Transmission Plc has already “created a mini-UK hydrogen system” in a dedicated area to prove that it’s safe – even more so than gas, Chief Executive Officer Jon Butterworth said in an interview. The company has managed a blend of 2% so far in an existing high-pressure gas network, and is planning to reach 5% soon.
/jlne.ws/46Md8yQ

Italian Bonds Are at the Mercy of the ECB; Policymakers should resist the urge to accelerate balance-sheet reduction.
Marcus Ashworth – Bloomberg
Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. Previously, he was chief markets strategist for Haitong Securities in London. It’s been a stressful time for Italy’s 10-year bond, with its yield rising tenfold in the past two years and brushing 5% this month. While borrowing costs haven’t outpaced those of its peers despite the country being perceived as one of the euro area’s weakest economies, Italian debt is at the mercy of the European Central Bank’s stance on running down its swollen balance sheet. Policymakers need to tread cautiously.
/jlne.ws/408jkPr

Russia Rate Hikes Likely to Continue Despite World’s Biggest Currency Surge; Most analysts forecast central bank will raise key rate to 14%; Capital controls succeeded in reversing depreciation of ruble
Bloomberg News
Russia’s reimposition of capital controls achieved in one go what three interest-rate increases by the central bank couldn’t do for the ruble. It doesn’t mean policymakers are done hiking. Despite the world’s biggest currency rally over the past month, the Bank of Russia is set on Friday to extend a cycle of monetary tightening that began in July when the pace of the ruble’s depreciation was just picking up. The exchange rate later weakened to levels unseen since the aftermath of last year’s invasion of Ukraine.
/jlne.ws/3SaPEPH

There’s a Reason Why UK Stocks Need UK Owners; Local shareholders used to support London cash calls, bringing global investors with them. Their retreat means hedgies filled the gap – to companies’ detriment.
Chris Hughes – Bloomberg
The increasing presence of international investors in the UK stock market looks at first glance like a success story for London. But it’s really a tale of declining domestic ownership and a resulting leadership vacuum among shareholders. In theory, the nationality of owners shouldn’t matter. In practice, the withdrawal of the home crowd puts UK companies at the mercy of opportunistic hedge funds when they need to raise cash.
/jlne.ws/45GJ8Dm

Miscellaneous

If It’s Under $5 It’s Free: The Logic of ‘Girl Math’ and ‘Boy Math’; Consumers are sharing the crafty ways they justify discretionary spending. ‘Oh, I’m not the only one who thinks like this!’
Chavie Lieber – The Wall Street Journal
The rules are simple: Using cash doesn’t really count as spending. Prices should always be rounded down. Savings are earnings. And anything under $5 is free. “A refund is free money,” explains Nniffer Guldner, a 39-year-old social worker in Royersford, Pa. She’s returning a bunch of Halloween purchases soon and is excited to feel like she’s making money-so she can spend that dough all over again.
/jlne.ws/4089YDf

Science Has an Answer for Why People Still Wave on Zoom; Like the Zoom mullet and Zoom fatigue, waving at the end of videoconferences is likely here to stay.
Matthew Boyle – Bloomberg
It happens at the end of most virtual meetings: One person waves goodbye, and colleagues follow suit. Why we still do this, nearly four years after remote work went mainstream, is one of the mysteries of the modern workplace.
/jlne.ws/46Ist3r

Pigeons problem-solve similarly to artificial intelligence, research shows; The intelligent birds, thought to be a nuisance by some, learn from consequences and can recognize resemblance between objects
Aliya Uteuova – The Guardian
A new study has found that the way pigeons problem-solve matches artificial intelligence. Often overlooked as a nuisance, pigeons are actually highly intelligent animals that can remember faces, see the world in vivid colors, navigate complex routes, deliver news and even save lives. In the study, 24 pigeons were given a variety of visual tasks, some of which they learned to categorize in a matter of days, and others in a matter of weeks. The researchers found evidence that the mechanism that pigeons used to make correct choices is similar to the very method that AI models use to make the right predictions.
/jlne.ws/3Q8XKWl

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