Wall St jobs are hot again as tech and crypto lay off staff

Sep 12, 2022

First Read

Hits & Takes
John Lothian & JLN Staff

Thank you to all who have checked in on me after my recent surgery. Last Tuesday I left Elmhurst Hospital after having my left hip replaced and I moved into a rehab facility that is about a mile from my home to work on my strength in order to be able to return home. I hope to be able to do so sometime this week. The expectations are that by six weeks after surgery, I shall be fully recovered. Given my need to continue to rebuild my strength due to my prostate cancer treatment, my strength training will be ongoing. My wife’s (and my) hope is that this is the last operation I need to undergo and that it is all getting better and stronger from here. Thank you again for all those who have sent notes or checked in; it has helped lift my spirits.

On Tuesday, the FIA comes to Chicago for the FIA Washington Update featuring an interview with CFTC Commissioner Summer Mersinger. She will discuss the CFTC’s current priorities and initiatives with FIA President & CEO Walt Lukken. This will be the first one of these I will have missed in a long time, but I have a note from my doctor.

IMC Trading has posted a video to the YouTube channel titled “IMC Trading & Gaming for Charity 2022 Recap” that celebrates the new record IMC set of $5.4 million USD. The money is being donated to Room to Read, helping the children of Tanzania. IMC says their goal is a world free from illiteracy.

The NYSE posted a video yesterday to mark 9/11 titled “Never Forget the Fallen. NYSE Marks September 11.”

The CFTC posted this image to LinkedIn yesterday:

The World Federation of Exchanges published the results of its eighth sustainability survey, which revealed a focus on carbon neutrality transition and highlighted a significant advance in the depth and scope of ESG. You can download the report here.

Eurex shared on LinkedIn that it has traded more than 1 million FX contracts in 2022 so far. Additionally, on October 10, 2022 Eurex is expanding its FX offerings with emerging market listings of BRL/USD, MXN/USD, MXN/EUR, ZAR/USD, ZAR/EUR.

Cboe is holding RMC 2022 in Reykjavik, Iceland from October 17 to 21, 2022. I was only in Iceland and Reykjavik once, which was back in 1984 on my way to Scotland. It is an intriguing and beautiful country.

There were five official coinage portraits of the Queen during her 70-year reign, and the Daily Mail has a story on how they have changed and what the new coins with King Charles’ image will look like.

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

++++

MWE SHORT: Julie Armstrong – The Power of the People
JohnLothianNews.com

Microsoft acquired LinkedIn for more than $26 billion in 2016 and the platform now has more than 500 million users. Need any more proof of the power of networks? In this video, ChartIQ Chief Revenue Officer Julie Armstrong provides her personal take on the importance of networking for one’s career, including why she was urged to learn how to play golf.

Watch the video »

++++

Venmo, PayPal And The IRS: Here’s What You Need To Know
Angie Noll – Forbes
Beware, business owners and side-giggers: You are subject to taxes on your earnings when you collect payments from peer-to-peer apps like Venmo, PayPal and CashApp. To be clear, this is not a change in tax law since these earnings were already taxable; it is just a reporting change, where these providers must now send users tax forms for payments over $600, and the IRS can utilize mobile money apps during the audit process. In my business, I coach many aspiring entrepreneurs on whether or not they have a solid business plan and feel confident in quitting their day job and turning their side hustle into a full-fledged business. These new entrepreneurs often collect payment through mobile money apps from their customers when they are in the feasibility stage of starting their businesses.
/jlne.ws/3xfuoNk

****This Forbes article was written by my neighbor across the street, Angie Noll, the owner of Reconciled Solutions.

++++

How One Man Lost $1 Million To A Crypto ‘Super Scam’ Called Pig Butchering
Cyrus Farivar- Forbes
A 271,000-word WhatsApp conversation between a Bay Area man and his scammer reveals the heartbreaking mechanics of a new breed of investment racket. Experts believe the global losses are in the billions. The message to Cy’s WhatsApp came out of the blue. “Jessica” told him she’d found his number in her phone contacts and was reaching out because she thought they might be old colleagues. Cy, a 52-year-old man who lives in the Bay Area, didn’t remember her, but she was kind, cordial and engaging. She sent pictures of what she was eating. They discussed their mutual love of sushi, and Cy enjoyed the conversation enough to follow up with her the next day.
/jlne.ws/3d3HjLA

***** How do you steal $1 million? A little at a time.~JJL

++++

Bill Murray raised nearly $200,000 worth of crypto for charity—a hacker stole it almost immediately
Cheyenne DeVon – CNBC
Criminals made off with 119.2 ETH (about $185,000) that the actor had raised during his NFT charity auction. The unknown hackers also attempted to steal non-fungible tokens from Murray’s personal collection, which includes two CryptoPunk NFTs, according to Coindesk.
/jlne.ws/3RzsIq0

******* It is time to “cross the streams” on whoever did this.~JJL

++++

Why Drinking Coffee Can Make You Spend More Money; A study suggests that having a beverage with caffeine before shopping may lead to more purchases
Lisa Ward – The Wall Street Journal
If you want to spend less on your next shopping trip, try skipping the coffee. According to a recent study, consumers who drank espresso, tea and other caffeinated drinks immediately before shopping bought more items and often spent more money. Consumers also tended to make more frivolous or fun purchases after they consumed caffeinated drinks. For instance, in one of the study’s experiments 145 customers visiting a home-goods store in France were given espresso or noncaffeinated drinks before they shopped and were told the drink was a way to welcome them back after the pandemic. The authors found that consumers who drank an espresso spent about $18, while shoppers who had decaffeinated drinks spent roughly half that amount. Customers who drank caffeine also tended to buy more items—1.5 compared with 1.08 for consumers who drank noncaffeinated beverages.
/jlne.ws/3L5sdS5

****** I see an Amazon bid for Starbucks or Dunkin coming soon.~JJL

++++

Friday’s Top Three
The Queen of England was popular with JLN readers, but not as popular as Ken Griffin. Our top story Friday was Citadel boss Ken Griffin sets record with Miami home purchase for $109 million, from the New York Post. Second was a tie between Reuters’ Bank of England says banknotes featuring Queen’s image remain legal tender and The Independent’s How coins and banknotes will change now that the Queen has died. Third was a tie between The Hill’s UK central bank says paper money with Queen’s image still legal tender and Revamped national anthem lyrics and a new look for currency: Here are some changes the U.K. can expect after Queen Elizabeth’s death, from CBS News.

++++

MarketsWiki Stats
26,135,809 pages; 240,615 edits
MarketsWiki Statistics

++++

Lead Stories

Wall St jobs are hot again as tech and crypto lay off staff; Computer engineers are returning to finance after a reversal of fortune in the war for talent
Nicholas Megaw – Financial Times
After years of fighting to attract computer engineers who would rather work for big tech groups or crypto start-ups, Wall Street firms say they are recovering lost ground in the talent war as lay-offs and hiring freezes spread through Silicon Valley. With exchanges, banks and market makers continuing to expand through the recent market downturn, executives say their relative stability has made them more appealing destinations.
/jlne.ws/3REJcx2

SEC Reins In Internal Bond Trading Embraced by Pimco and T. Rowe Price; New regulation on valuations took effect on Thursday; Rules impact internal bond ‘cross trading’ between funds
Lydia Beyoud, Jack Pitcher, and Miles Weiss – Bloomberg
Investment giants like Pacific Investment Management Co. are facing fresh restrictions on their ability to trade bonds internally between different funds under US Securities and Exchange Commission rules that took effect this week. The crackdown on the practice, which is widely known as cross-trading, was opposed by Pimco, T. Rowe Price Group Inc. and other managers. The changes follow a lengthy phase-in of sweeping new rules on mutual fund valuations that the SEC passed in 2020 to bolster investor protections.
/jlne.ws/3BvTyKe

Covid-19 Illnesses Are Keeping at Least 500,000 Workers Out of U.S. Labor Force, Study Says; Virus will weigh on workforce if infection rates continue, authors predict
Gwynn Guilford – The Wall Street Journal
Illness caused by Covid-19 shrank the U.S. labor force by around 500,000 people, a hit that is likely to continue if the virus continues to sicken workers at current rates, according to a new study released Monday. Millions of people left the labor force—the number of people working or looking for work—during the pandemic for various reasons, including retirement, lack of child care and fear of Covid. The total size of the labor force reached 164.7 million people in August, exceeding the February 2020 prepandemic level for the first time. The labor force would have 500,000 more members if not for the people sickened by Covid, according to the study’s authors, economists Gopi Shah Goda of Stanford University and Evan J. Soltas, at the Massachusetts Institute of Technology.
/jlne.ws/3Rvb72x

World Federation of Exchanges’ Eighth Annual Sustainability Survey Reveals Focus on Carbon Neutrality Transition; New WFE Data Highlights “Significant Advance” In Depth And Scope of ESG
World Federation of Exchanges
The eighth Annual Sustainability Survey published by the World Federation of Exchanges (WFE), the global industry group for exchanges and central clearing counterparties, has revealed a significant advance in the depth and scope of environmental, social and corporate governance (ESG) – with an increased focus on the transition to carbon neutrality. This year’s report confirms the strength of what has consistently been a positive trend in the response of exchanges to ESG issues.
/jlne.ws/3QGHDxf

Treasury to Warn of Crypto Risks; Reports will feature analysis of crypto markets without offering many specific policy prescriptions
Andrew Duehren – The Wall Street Journal
The Treasury Department will lay out the risks it perceives cryptocurrencies pose to consumers and the financial system in a series of reports that are set to become public this month, according to people familiar with them. The reports, which the Treasury is completing and sending to the White House, will feature Treasury’s analysis of crypto markets—without offering many specific policy prescriptions—the people said. Each will focus on one of four topics: the payment system, consumer protections, illicit finance and financial stability. President Biden’s executive order on digital assets earlier this year commissioned the reports, asking other agencies to also produce analysis.
/jlne.ws/3xgoStJ

The Olive Oil Capital of the World, Parched; Spain’s Jaén Province, home to one fifth of the world’s supply of “green gold,” copes with climate change and threats to its way of life.
David Segal and José Bautista – The New York Times
The branch, plucked from one of thousands of trees in this densely packed olive grove, has browning leaves and a few tiny, desiccated buds that are bunched near the end. To Agustín Bautista, the branch tells a story and the story is about a harvest that is doomed.
/jlne.ws/3Bx51sM

Global Drought Saps Hydropower, Complicating Clean-Energy Push; Dry conditions in U.S., Europe and China have raised questions about how hydropower fits into changing energy mix
Anna Hirtenstein and Katherine Blunt – The Wall Street Journal
Record drought across the globe this year dried up rivers and reservoirs and sapped the world’s largest source of renewable electricity: hydropower. The dip in electricity generated by the flow of water across dams in China, Europe and the U.S. stifled power production. In some places, it has caused factories and smelters to shut down for weeks on end. California’s energy grid faced its biggest blackout risk since 2020 this week because of record demand and lack of electricity supply, including from water-starved hydropower stations.
/jlne.ws/3L5M57G

SEC Delivers Tough Love to Crypto; The crypto industry has been looking for guidance. It might get more than it bargained for from the U.S. SEC.
Luc Olinga – The Street
The crypto industry might want to remember the adage: “Be careful of what you wish for because you might get it.” For several months now the industry has been asking for clear rules from one of the most powerful financial-market regulators. The reasoning has always been: We need clear rules so all players know what they can and can’t do. And on several occasions the U.S. Securities and Exchange Commission has dodged the issue, instead just giving clues by sanctioning bad actors or fighting publicly with others.
/jlne.ws/3xfeZN2

Robinhood Unveils Index to Track Customers’ Favored Stocks; Tesla, Apple, Amazon are most popular holdings, initial index weightings show
Alexander Osipovich – The Wall Street Journal
Robinhood Markets Inc. is offering a peek into the favorite stocks of its millions of predominantly young, social-media-savvy customers. The brokerage firm’s new “Robinhood Investor Index,” unveiled Friday, is designed to track the performance of the 100 investments most popular among its user base. Such an index could be of interest to financial professionals who monitor the activities of small investors as one of the underlying factors behind stock-market moves.
/jlne.ws/3RWUjBe

Treasury Spells Out How Firms Can Comply With Russian Oil-Price Cap; The guidance comes as U.S. and its allies move ahead with implementing a novel sanctions design
Andrew Duehren – The Wall Street Journal
The Treasury Department released early guidance on how oil traders, financial institutions and insurers can comply with a cap on the price of Russian oil, as the U.S. and its allies move ahead with implementing a novel sanctions design. In guidance to market participants released Friday evening, the Treasury Department delineated the steps firms will need to take to comply with the cap and offered guidance on how to detect evasion. The cap will go into effect Dec. 5, 2022, for Russian crude and Feb. 5, 2023, for refined products, the Treasury said.
/jlne.ws/3L97ygg

London Looks to Un-Meme the SPAC Market; Wall Street has turned on ‘blank-check’ vehicles, yet the U.K. market may point a way forward
Jon Sindreu – The Wall Street Journal
Will SPACs survive the excesses of 2021 as a useful fund-raising tool, or just another chapter in the history of regulatory arbitrage? London’s surprisingly robust market helps provide an answer. Most investors and companies have turned their backs on what used to be Wall Street’s hottest trend: special-purpose acquisition companies, or SPACs. In one recent example, space-logistics company D-Orbit scrapped a deal. Vehicles’ shareholders are in many cases exercising their right to get their money back. The U.S. rout has been mirrored in the smaller European market, where 60% fewer SPACs listed between January and August relative to a year earlier, Dealogic data shows.
/jlne.ws/3TVfK7A

U.S. SEC to set up new office for crypto filings
Reuters
The U.S. securities regulator will set up two new offices to deal with filings related to crypto assets and the life sciences sector, the agency said on Friday. The “Office of Crypto Assets” and the “Office of Industrial Applications and Services” will join seven existing offices under the Securities and Exchange Commission (SEC) department which handles corporate disclosure filings.
/jlne.ws/3BxhE7q

European energy markets are facing a $1 trillion financing crunch – 2 analysts explain why this doesn’t mirror the Lehman Brothers crisis.
Phil Rosen – Markets Insider
Russia’s cuts to natural gas supplies to Europe have raised fears of a “Lehman Brothers moment” for the energy sector, but analysts point to key differences from the bankruptcy that sparked the 2008 financial crash. Escalating power prices have sent collateral requirements soaring for energy companies that hedge their sales in futures markets. Estimates for these margin calls top $1 trillion — more than what otherwise healthy utilities can afford.
/jlne.ws/3U1kRDn

Hedge-Fund Trader Shah Won’t Be Extradited to Denmark, AP Says
Christian Wienberg – Bloomberg
Hedge-fund trader Sanjay Shah, who was arrested in Dubai earlier this year, won’t be extradited to Denmark to face charges in connection with a $1.9 billion cum-ex case, the Associated Press reported, without immediately saying how it obtained the information.
/jlne.ws/3RSyTVW

Energy crisis should spur regulatory overhaul; Critical infrastructure needs more robust oversight just as banks did after 2008
Patrick Jenkins – Financial Times
It is a measure of quite how jittery the world feels right now that we have been awash with “Lehman moments” in recent months. The implosion of China’s Evergrande late last year was portrayed by many observers as a potential Lehman moment for the overleveraged Chinese property sector. The crypto collapse in March was another.
/jlne.ws/3eIOCsv

Ukraine Invasion

Putin Has Squandered the Soviet Energy Legacy, Part 1; A conversation with Soviet and Russian energy specialist Thane Gustafson the country’s oil and gas history and how it relates to the invasion of Ukraine.
Liam Denning – Bloomberg
As it wages war on Ukraine, Russia is also waging an energy war against Europe, its biggest export market. That relationship has endured for decades, even during the Cold War. Under President Vladimir Putin, Russia has monetized that Soviet energy legacy to reassert itself. But, post-invasion, will there even be a Putin energy legacy?
/jlne.ws/3Diqpn1

Putin Has Squandered Soviet Energy Legacy, Part 2; A conversation with Soviet and Russian energy specialist Thane Gustafson the country’s oil and gas history and how it relates to the invasion of Ukraine.
Liam Denning – Bloomberg
Denning: You say Putin’s war has set in motion a process that will drag down the long-term competitiveness of Russia’s oil industry. How so?
Gustafson: The big question is the long range effects, beginning about five years out. How the withdrawal of the services companies; the interruption of supply lines, of equipment; the exit of the Western majors; and the financial difficulties that the Russian government is going to have — all of those are going to act as drags on the ability of the Russian oil industry to continue modernizing. And yet it must continue modernizing because, like all natural resources, the initial resource gradually gets used up and you have to move out to increasingly marginal development opportunities, while constantly using new technology.
/jlne.ws/3Dh0D2l

Rebuilding Ukraine after Russian invasion may cost $350 bln, experts say
Andrea Shalal – Reuters
Russia’s invasion caused over $97 billion in direct damages to Ukraine through June 1, but it could cost nearly $350 billion to rebuild the country, a report released Friday by the World Bank, Ukrainian government and European Commission shows.
/jlne.ws/3QBmpRm

Ukraine Uses Array of Howitzers to Repel Russia’s Invasion; Along with multiple rocket launcher systems, self-propelled artillery is one of the biggest assets in Ukraine’s offensive push
Jemal R. Brinson, Roque Ruiz – The Wall Street Journal
Ukraine has received more than 200 self-propelled artillery systems from the U.S. and its NATO allies. These howitzers have an edge over older Soviet-era artillery systems in both Russia and Ukraine arsenals, but learning to use the variety of systems Ukraine has received poses a challenge.
/jlne.ws/3dd3qyW

Traumatized and displaced but determined, kids in Ukraine head back to school
Elissa Nadworny – NPR
The first day of school in Ukraine is a big deal. Known as the Day of Knowledge, there are usually big celebrations – with rehearsed dances, concerts and lots of balloons. Children dress up in traditional Ukrainian vyshyvankas with brightly colored embroidery. Families bring teachers bouquets of flowers – there are usually so many flowers on the first day that the classrooms are bursting with colorful blooms.
/jlne.ws/3Ll952V

Russia Strikes Power Plants as Ukrainian Forces Extend Gains; Blackouts experienced across northeast Ukraine overnight; Russian losses could mark a turning point in the conflict
Bloomberg News
Russia hit power plants deep behind Ukrainian lines, causing blackouts across the northeast of the country as Kyiv’s forces pressed a lightning offensive that’s reversed months of Moscow’s advances. More than 30 settlements, including Kramatorsk and Dnipro, suffered Russian missile and air strikes over the past day, Ukraine’s General Staff said in its regular update on Facebook Monday. Kharkiv was one of at least two power plants struck by rockets.
/jlne.ws/3BzR8tO

Putin and the Possibility of Defeat in Ukraine; Russia’s hubris will deepen the psychological effects of its battlefield setbacks
Leonid Bershidsky – Bloomberg
There were fireworks in Moscow as the Russian military retreated hastily from the key town of Izyum in Ukraine’s Kharkiv region on Sept. 10. The Russian capital wasn’t actually celebrating the debacle: The display was part of its City Day festivities. But there could hardly be a better illustration of the Putin regime’s utter unpreparedness for defeat. Its attempt to prosecute a war of invasion while keeping up the appearance of life going on as usual was doomed from the start — and the choices it faces now are stark.
/jlne.ws/3RQTTfC

How the Ukraine Offensive Will Shift the Market Narrative; And not for the first time. Attitudes toward events in the war have been inconsistent since the beginning. A little humility is in order.
John Authers – Bloomberg
More Lessons in Humility From the Donbas
The Ukrainian armed forces appear (and I emphasize appear) to have taught the rest of the world yet another lesson in the need to be cautious about knowing what we know. If the reports of the last few days are correct, then the chances of a Ukrainian “victory” have risen sharply, just as have the chances that the war’s aftermath will at last lead to the downfall of Vladimir Putin in Russia. The odds on a lengthy stalemate that can mostly be ignored by the rest of the world (a sort of wider-scale version of the situation that had adhered since Russia’s first incursions into the Donbas in 2014) do appear to have been reduced.
/jlne.ws/3REk6ym

Russia Withdraws More Forces From Northeast Ukraine as Kyiv Presses Advance; After making strong gains in recent days, Ukraine’s advance slows as it begins to consolidate control
Matthew Luxmoore – The Wall Street Journal
Russia withdrew more forces from the Kharkiv region on Monday, retreating from a vast swath of northeastern Ukraine as Kyiv’s forces continued their push into Russian-occupied territory and the government pledged that all areas seized by Moscow would be retaken. Ukraine’s SBU intelligence service on Monday published photos of troops inspecting a warehouse filled with Russian arms and ammunition in Izyum, a city in southeastern Kharkiv that had for months served as a garrison for Russian forces.
/jlne.ws/3qsrbX0

Exchanges, OTC and Clearing

SGX Group and MAS launch SGX ESGenome disclosure portal to streamline sustainability reporting and enhance investor access to ESG data
SGX
Singapore Exchange (SGX Group) and the Monetary Authority of Singapore (MAS) today jointly launched ESGenome, a digital disclosure portal for companies to report Environmental, Social and Governance (ESG) data in a structured and efficient manner, and for investors to access such data in a consistent and comparable format.
ESGenome is a joint initiative by SGX Group and MAS under Project Greenprint , to develop a common disclosure utility that will facilitate sustainability reporting for SGX-listed companies.
/jlne.ws/3ByWOo4

Trading in US Equity Index Products and Night Session Continues to Grow in August
TAIFEX
Taiwan Futures Exchange (TAIFEX) reported a total volume of 28,799,993 contracts with an average daily volume (ADV) of 1,252,174 contracts traded in the month, a decrease of 9.30% year-over-year (YoY) in year-to-date (YTD) volume. Amid staggering growth, YTD volume in Nasdaq-100 Futures and DJIA Futures, grew 86.62% to 922,385 contracts and 24.34% to 629,032 contracts YoY, respectively. In night trading session, the number of contracts traded overnight also rose 43.55% YTD over the same period of 2021, accounting for 29.83% of the market’s total volume.
/jlne.ws/3qhgcQa

From Zero to 100: Crude Oil Price Changes in 2020 – 2022; Analyzing the Market Microstructure Implications of Oil Futures and Spot Prices for Market Participants
National Law Review
This article looks at how the escalation of the Russo-Ukrainian conflict and the ongoing response to the COVID-19 pandemic contributed to crude oil price volatility and a surge to over $120 a barrel in 2022. These high price levels, which have not been seen since 2008, occurred just two years after hitting an all-time low early in the pandemic and going into negative territory in April 2020. The article focuses on the market microstructure implications for futures market participants and how the prices have diverged between various global crude oil benchmarks.
/jlne.ws/3RGbJCG

Euronext announces September 2022 quarterly review results of the MIB ESG
Eurex
Euronext today announced the results of the quarterly review for the MIB ESG index, which will be implemented after markets close on Friday 16 September 2022 and will be effective from Monday 19 September 2022.
/jlne.ws/3L5NTgW

On additional conditions for granting access to non-resident clients to the stock market
MOEX
The Moscow Exchange draws attention to the expansion of the list of securities of strategic and a number of other enterprises, which are subject to restrictions [1] for transactions by non-resident clients controlled by Russian legal entities or individuals.
/jlne.ws/3qCjCwJ

Re-Introduction of An Option Class
TMX
BetaPro Natural Gas Inverse Leveraged Daily Bear ETF (HND) Bourse de Montréal Inc. (the Bourse) and Canadian Derivatives Clearing Corporation (CDCC) hereby inform you that at the opening of trading on Tuesday September 13, 2022, the following
new option series on the above-mentioned option class will be re-listed.
/jlne.ws/3REqENs

Market for Underlying Security Used for Openings on MIAX Options, MIAX Pearl Options and MIAX Emerald Options for Symbol PR Effective Monday, September 12, 2022
MIAX
Permian Resources Corporation (“PR”) has transferred primary listing from NASDAQ to the New York Stock Exchange (“NYSE”) effective Monday, September 12, 2022.
/jlne.ws/3wWeXsv

NYSE Arca Options: Changes to Trading Collars Effective September 21st
Effective September 21, 2022, the following Trading Collar parameters will apply pursuant to Rule 6.62P-O(a)(4)(C).
/jlne.ws/3qwCGwI

Fintech

Beeks Group to provide on-demand cloud compute solution for ICE Global Network; Collaboration with ICE Global Network provides end-user private cloud solutions to their clients using Beeks Exchange Cloud technology.
Beeks Group via LSE.CO.UK
Beeks Group is pleased to announce the launch of a new offering combining its on-demand compute service with ICE Global Network’s (IGN) hosting and data access capabilities to offer clients an end-to-end solution. IGN is part of ICE Data Services, a division of Intercontinental Exchange (NYSE: ICE). The successful collaboration between IGN, which provides high quality content, delivery and execution services through an ultra-secure, highly resilient network, and Beeks Group’s Exchange Cloud provides a pre-integrated market-leading solution with security at the forefront.
/jlne.ws/3eHX7E9

Payments company Bolt scraps $1.5 billion deal to buy crypto firm Wyre
Reuters
U.S. online checkout company Bolt Financial Inc said on Friday it scrapped its $1.5 billion deal to buy cryptocurrency infrastructure provider Wyre Payments Inc, amid plunging valuations in crypto and fintech businesses.
/jlne.ws/3d755pY

Cybersecurity

Campaign cybersecurity might be the weakest link in the midterms
Tim Starks – The Washington Post
An official at the Cybersecurity and Infrastructure Security Agency (CISA) said last week that election security is “light-years ahead” of where it was in 2016. But there’s one area lagging behind as the 2022 midterm vote looms: the cybersecurity of political candidates’ campaigns.
In the aftermath of Russia’s election interference in the 2016 cycle, Congress delivered hundreds of millions of dollars to state and local governments to spend on things like replacing less secure voting machines and giving cybersecurity training to election officials.
/jlne.ws/3U4DNBe

Cybersecurity firm Fortanix secures capital to provide confidential computing services
Kyle Wiggers – TechCrunch
Companies (and VCs) spend billions of dollars on cybersecurity, but primarily focus on protecting infrastructure or endpoints. That’s not always the right approach in a world where — thanks to the pandemic — data is increasingly distributed across clouds, software-as-a-service apps, and storage systems. According to one 2021 survey, 61% of security leaders in the enterprise believed their cybersecurity teams to be understaffed.
/jlne.ws/3RSHAzy

6 trends driving hardware cybersecurity innovation
Simon Johnson and Asmae Mhassni – Security Magazine
Spending on cybersecurity is expected to reach $458.9 billion by 2025 — an increase of more than $196 billion compared to 2021. As this growth progresses, the entire cyber ecosystem is being shaped and impacted by a variety of factors including environmental forces, technology inflection points, and security trends.
/jlne.ws/3ByJTT7

Cryptocurrencies

SEC Enforcement Chief: We Can’t Ignore Crypto Law-Breaking
Jesse Hamilton – CoinDesk
Gurbir Grewal, director of enforcement at the U.S. Securities and Exchange Commission, said his agency can’t look the other way as the cryptocurrency industry violates securities laws. “It often seems that critics are upset because we’re not giving crypto a pass,” Grewal said Friday at a Practising Law Institute conference in Washington, D.C. His brief remarks focused largely on crypto – it was the only industry specifically addressed – revealing how much the agency is currently thinking about digital assets.
/jlne.ws/3eGxUdg

SEC Chairman Gensler Wants Disclosures From Crypto Issuers, Lawyer Says
Fran Velasquez – CoinDesk
U.S. Securities and Exchange Commission Chairman Gary Gensler wants disclosures from cryptocurrency issuers but recognizes that could be done differently than what publicly traded companies do now, Ashley Ebersole, a former SEC lawyer said Thursday on CoinDesk TV’s “All About Bitcoin.”
/jlne.ws/3B7eS7t

Crypto Trading Network Apifiny Turns to Fireblocks to Help Make Asset Transfers Easier
Danny Nelson – CoinDesk
Apifiny Group is plugging its crypto trading network into custodial service Fireblocks in an effort to help its clients transfer their digital assets more easily. Apifiny’s platform gets liquidity from around 20 crypto exchanges for its institutional clients, many of whom would rather avoid typing and retyping cumbersome wallet addresses like 0xF49sWaaiEXwos304kcd, Maggie Ng, the project’s chief marketing officer, told CoinDesk. Doing so is necessary to move assets in and out, but it’s also necessarily risky: One missed character – an O instead of 0 – can lead to chaos.
/jlne.ws/3BxhKfi

Guy Sentenced to Prison for Changing People’s Cash Into Bitcoin; “Uncle Sam will be footing the bill for my room and board.”
Lonnie Lee Hood – Futurism
A US law originally enacted in 1992 was just used to sentence Mark Alexander Hopkins, also known as Doctor Bitcoin and the handle Rizzn, to federal prison. Last week, the crypto enthusiast posted a lengthy Twitter thread about the charges and describing an FBI raid on their home.
/jlne.ws/3d0oTLL

States’ Probe of Celsius Network Alleges ‘Massive Losses’ as Far Back as 2021; Bankruptcy-court papers filed this week cite a multistate review of internal financial records
Soma Biswas – WSJ Pro Bankruptcy
Vermont regulators alleged that bankrupt crypto platform Celsius Network LLC, through its chief executive, Alex Mashinsky, made false and misleading claims to investors about the firm’s financial health even as it suffered huge losses.
/jlne.ws/3L73dKv

Singapore Hits the Brakes on Crypto Ads at F1 Grand Prix
Cryptocurrency firms can have their logos on cars and uniforms, but not on the track
Elaine Yu – The Wall Street Journal
Crypto.com has paid millions to sponsor Formula One. When the event comes to Singapore later this month, that could mean a lot of empty space. The company has been part of a drive by cryptocurrency firms to plaster their logos across F1, a high-octane sport whose audience has grown in recent years. Crypto mogul Sam Bankman-Fried’s FTX Trading Ltd. has a deal with Mercedes, Binance has signed on with Alpine, and Bybit has teamed up with Red Bull.
/jlne.ws/3eEbhWM

Tornado Cash: What It Is and Why It’s Been Sanctioned by Treasury; Can a decentralized system ever be truly regulated? If so, where does that leave privacy?
Victoria Vergolina – Bloomberg
Privacy is a key objective of many crypto proponents. And it’s one of the features that makes the asset class attractive to some investors. If this principle can’t be guaranteed, some say crypto’s utility becomes questionable. Emily Nicolle joins this episode to discuss whether or not a decentralized service can truly be regulated, the issue of crypto privacy and the implications of sanctions on Tornado Cash and DeFi more broadly.
/jlne.ws/3U1kEQw

The Merge: a blockchain revolution or just more hype? Ethereum’s switch to a greener system is seen by crypto enthusiasts as a long-awaited chance to prove critics wrong
Scott Chipolina – Financial Times
At the Blockchain Futurist Conference in Toronto in early August, Ethereum co-founder Vitalik Buterin stood before an excitable audience to deliver some big news. “The Merge is coming,” he told the crowd, “this effort that we have been working on for basically the last eight years . . . Ethereum will finally become a proof-of-stake system . . . Yay!” The audience cheered.
/jlne.ws/3Dml5yX

China vows to crack down on NFT copyright infringement as regulatory scrutiny rises; The campaign targets offences involving NFTs based on art, cartoons, music, video games, films and TV shows, the copyright authority said; Many Chinese companies have already scaled back their NFT operations, as regulatory uncertainties mount and public interest subsides
Xinmei Shen – South China Morning Post
China’s copyright authority said on Friday it would ramp up oversight of infringement issues involving non-fungible tokens (NFTs), as some investors in the country try to cash in on the trend despite increasing regulatory scrutiny and waning public interest.
/jlne.ws/3TYqLoK

Politics

Trump has a long and rocky relationship with the public markets
Ben Werschkul – Yahoo Finance
In 1995 Donald Trump bought 40 Wall St., down the street from the New York Stock Exchange. The property has proven to be the former president’s most durable connection to public markets Trump’s complicated relationship with the public markets was in full view this week with the postponement of his potential plans to take his social media venture public. Trump Media & Technology Group had planned to go public via a merger with a SPAC (special purpose acquisition company), but federal regulators are probing the deal and may end up derailing it.
/jlne.ws/3qtCYUV

White House alarm rises over Europe as Putin threatens energy supply; Biden aides have redoubled efforts to increase natural gas exports across the Atlantic but see few obvious solutions
Jeff Stein – The Washington Post
White House officials are growing increasingly alarmed about Europe’s energy crisis and Russian President Vladimir Putin’s threats to force a bleak winter on the continent. Seeking to punish Russia for the invasion of Ukraine and force a retreat, Western allies have moved to set a cap on what buyers pay for Russian oil. Putin last week said Russia would retaliate by cutting off gas and oil shipments, which could devastate Europe’s economy and hurt the United States by sending global energy prices soaring.
/jlne.ws/3BxRpxy

White House Is Mulling a Ban on Bitcoin Mining
Jack Denton – Barron’s
The White House has floated the possibility of limiting or eliminating the proof-of-work mechanism that underpins Bitcoin and its blockchain network—a move that would strike a blow at the heart of the digital asset economy. The White House Office of Science and Technology Policy recommended in a report Friday that greenhouse gas emissions and other environmental impacts stemming from crypto “mining” should be limited. The team called for standards for low energy intensities, low water usage, low noise generation, clear energy usage by operators, and standards over carbon-free generation to match or exceed electricity load that tighten over time.
/jlne.ws/3U5sVmr

Exclusive: Biden to hit China with broader curbs on U.S. chip and tool exports
Karen Freifeld and Alexandra Alper – Reuters
The Biden administration plans next month to broaden curbs on U.S shipments to China of semiconductors used for artificial intelligence and chipmaking tools, several people familiar with the matter said.
/jlne.ws/3qBrApT

ESG on the edge: Controversy weighs on sustainable ETFs
Kevin Schmidt – CNBC
Investing in ESGs has taken a controversial turn in recent weeks as some states have taken aim at the sustainable funds. This month, Florida banned its $186 billion pension fund from investing according to ESG factors. And in Texas, the state’s comptroller accused ten financial firms of boycotting energy companies. The move could force certain Texas government funds to sell any shares in these companies. BlackRock was among those named in the accusation, although in a statement the company affirmed that it is not boycotting oil. But the shift in sentiment has led to increased scrutiny of how ESG funds are composed.
/jlne.ws/3qxDqla

King Charles III Pledges to Uphold UK’s Parliament Democracy; Monarch sat meters away from where namesake was tried in 1649; Prince Harry says late Queen was a ‘guiding compass’ to many
Alex Wickham and Kitty Donaldson – Bloomberg
King Charles III vowed to uphold parliamentary democracy and follow the “selfless duty” of his mother, Queen Elizabeth II, in a key address at Westminster Hall that offered a glimpse of how intends to carry out the role of monarch.
/jlne.ws/3RDKJDw

King Quotes Shakespeare in Moving Tribute to Queen in Speech to MPs and Peers
Dominic McGrath – Press Association
The King promised “faithfully to follow” the example of his mother in a speech in Westminster Hall as both Houses of Parliament gathered to express their condolence to the new monarch. In a short response inside the hall after a formal expression of condolence from MPs and peers, the new King quoted Shakespeare as he spoke movingly of tributes and monuments to his mother inside the Palace of Westminster and spoke of feeling the “weight of history” as he stood inside the historic room.
/jlne.ws/3BfBKSm

Brussels ignores derivatives at its peril amid energy crisis; Politicians and regulators have failed to plan sufficiently for the shock so far but there are steps they can take
Gillian Tett – Financial Times
When European leaders meet in Brussels on Friday to tackle the continent’s energy crisis, politicians will be focused on windfall taxes and energy price caps. And no wonder: spiralling electricity costs are creating mounting pain for households and businesses — and political upheaval. However, investors should keep an eye on another item on the agenda: their approach to energy derivatives markets, clearing houses and exchanges. This might seem arcane but the issues now bubbling in the derivatives sphere represent another potential time bomb for Europe — one that needs to be urgently addressed.
/jlne.ws/3xfDUQy

Regulation

The ‘head trader’ of a $100 million investment fraud scheme posing as a crypto platform called EmpiresX has pleaded guilty
Sam Tabahriti – Business Insider
The “head trader” of an investment fraud scheme posing as a cryptocurrency platform that defrauded investors of about $100 million has pleaded guilty to one count of conspiracy to commit securities fraud, the Department of Justice said. Joshua David Nicholas, 28, of Stuart, Florida worked for EmpiresX, also known as Empires Consulting Corp. It operated a “Ponzi scheme by paying earlier investors with money obtained from later EmpiresX investors,” the DoJ said in a news release on Thursday.
/jlne.ws/3DdLJtV

Crypto Complaints Not Deterring SEC Enforcement Approach, Official Says; SEC enforcement head says crypto industry complaints not convincing him to give a ‘pass’ on enforcement
Richard Vanderford – The Wall Street Journal
The Securities and Exchange Commission will continue to investigate and pursue wrongdoing in the crypto assets space despite a chorus of complaints about the level of scrutiny being placed on the industry, a top official said. The SEC has heard the “jeremiads” from crypto industry participants about being unfairly targeted, but doesn’t intend to back off, Enforcement Director Gurbir Grewal said Friday at a conference in Washington. He added that to do otherwise would be abandoning those harmed by adverse events in the market, including many poor and nonwhite investors.
/jlne.ws/3DfxrsL

2022 Advertising Regulation Conference
FINRA
FINRA’s Advertising Regulation Conference offers a comprehensive agenda designed for new and experienced communications compliance professionals. Industry and regulatory speakers facilitate interactive, forward-looking discussions on current practices, policies, priorities and rulemaking. The conference also provides the opportunity to network with industry peers and meet one-on-one with Advertising Regulation Department staff during office hours and throughout the event.
/jlne.ws/3xkwU4T

FINRA Forms and PDM
FINRA
Currently, users attempting to submit a TRACE or Over the Counter Reporting Facility (ORF) form may incur an error. Users may also have issues accessing Participant Data Management. Firms should contact FINRA Market Operations or call (866) 776-0800 with questions or for assistance in setting up new issues. FINRA will advise when this issue has been resolved.
/jlne.ws/3BydgEZ

Update – FINRA Forms and PDM
FINRA
FINRA has resolved the issue affecting the submission of TRACE or Over the Counter Reporting Facility (ORF) forms and access to Participant Data Management. Firms should contact FINRA Market Operations or call (866) 776-0800 if there are any remaining questions regarding these issues.
/jlne.ws/3Dz7GUz

SEC Division of Corporation Finance to Add Industry Offices Focused on Crypto Assets and Industrial Applications and Services
SEC
The Securities and Exchange Commission today announced plans to add an Office of Crypto Assets and an Office of Industrial Applications and Services to the Division of Corporation Finance’s Disclosure Review Program (DRP). The DRP has long had offices to review company filings by issuers. The two new offices will join the seven existing offices that provide focused review of issuer filings and that are grouped by industry expertise to further the Division’s work to promote capital formation and protect investors. The DRP anticipates the new offices will be established later this fall.
/jlne.ws/3U5riVR

SEC Adopts JOBS Act Inflation Adjustments
SEC
The Securities and Exchange Commission today adopted amendments to its rules to implement inflation adjustments mandated by the Jumpstart Our Business Startups (JOBS) Act. The SEC is required to make inflation adjustments to certain JOBS Act rules at least once every five years. The new thresholds will become effective when they are published in the Federal Register.
/jlne.ws/3ByVEJ2

SEC Charges Two Advisory Firms for Custody Rule Violations, One for Form ADV Violations, and Six for Both
SEC
The Securities and Exchange Commission today announced charges against a number of investment advisers that failed to comply with requirements relating to safekeeping client assets and/or to timely update their SEC disclosures to reflect the status of audits of financial statements for the private funds they advised.
/jlne.ws/3L0JqMq

Remarks at the “SEC Speaks” Conference 2022
commissioner Mark Uyeda – SEC
Good morning and thank you, Gurbir [Grewal, Director, SEC Division of Enforcement], for that kind introduction.[1] I am pleased to join you for the first SEC Speaks Conference to be conducted in-person since the start of the pandemic. During the past two-and-a-half years, we have used new methods to communicate and work with each other. Our ability to improvise, adapt, and overcome has allowed our economy to sustain itself during this period. Importantly, robust and efficient capital markets have played a key role in fostering innovation and creativity, which has resulted in new services and products to address the challenges of the pandemic.
/jlne.ws/3xhC9Cl

Remarks at SEC Speaks 2022
Gurbir Grewal – SEC
Good morning everyone and welcome! And thanks as always to PLI for this terrific event. I’m grateful for this opportunity to speak directly – and at least to some degree in person – with both the gathered staff and so many of you in the defense bar who deal with the Division every day. As always, the views I express here are my own, and not necessarily those of the Commission or the staff.[1] This morning, I’d like to return to a theme I’ve touched on repeatedly in speeches throughout my first year on the job, and that is the urgent need to restore trust in our institutions, government, and the legal and regulatory processes. I’ve previously discussed the importance of corporate responsibility, the critical role of gatekeepers, the necessity for proactive compliance and cooperation, and the pervasive – yet unpersuasive – mantra of “regulation by enforcement,” in connection with the trust-building process.
/jlne.ws/3QCFnY1

Court Enters Judgments Against Investment Adviser and Its Principals for Defrauding Clients Through Their Mutual Fund Share Class Selection Practices
SEC
On September 7, 2022, a federal district court in Pennsylvania entered final judgments against Ambassador Advisors, LLC, a registered investment adviser, and its principals, Bernard I. Bostwick, Robert E. Kauffman, and Adrian E. Young. The judgments order the Defendants to pay over $2 million in disgorgement, prejudgment interest, and civil penalties, broken down as follows: (1) Bernard I. Bostwick must pay $136,620 in disgorgement, $35,273 in prejudgment interest, and a $136,620 civil penalty; (2) Robert E. Kauffman must pay $349,395 in disgorgement, $95,972 in prejudgment interest, and a $349,395 civil penalty; (3) Adrian E. Young must pay $136,627 in disgorgement, $35,275 in prejudgment interest, and a $136,627 civil penalty; and (4) Ambassador Advisors, LLC must pay a $622,642 civil penalty.
/jlne.ws/3xfMKh3

SEC Charges Florida Company and Its Officers with Fraud
SEC
The Securities and Exchange Commission today charged Profile Solutions, Inc., a purported cannabinoid and hemp manufacturing company, its CEO Dan Oran, and alleged undisclosed executive officer Leonard M. Tucker with fraud for making alleged material misrepresentations and omissions to the investing public.
/jlne.ws/3d7t2xm

Former BBY Head of Operations charged with obtaining financial advantage by deception; Fiona Mae Bilton of Victoria has been charged with obtaining a financial advantage by deception.
ASIC
Ms Bilton, as Head of Operations at stockbroking firm BBY Limited (BBY), is charged with three counts of dishonestly obtaining a financial advantage for BBY by deceiving St George Bank on 115 separate occasions between June 2013 and May 2015. The charges arise out of Ms Bilton’s involvement in obtaining overdraft funding from St George Bank for BBY that BBY was not entitled to.
/jlne.ws/3QFdzlI

ESAS Warn Of Rising Risks Amid A Deteriorating Economic Outlook
ESMA
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) issued today their Autumn 2022 joint risk report. The report highlights that the deteriorating economic outlook, high inflation and rising energy prices have increased vulnerabilities across the financial sectors. The ESAs advise national supervisors, financial institutions and market participants to prepare for challenges ahead.
/jlne.ws/3L92AzT

Publication of the “Guidelines for Creating, Recordkeeping and Reporting of Transaction Information specified in Article 4(1) of the Cabinet Office Order on the Regulation of Over-the-Counter Derivatives, etc. (Draft)” – Open for Public Comments
FSA Japan
The Financial Services Agency has published a draft version of the “Guidelines for Creating, Recordkeeping and Reporting of Transaction Information specified in Article 4(1) of the Cabinet Office Order on the Regulation of Over-the-Counter Derivatives Transactions, etc.”
/jlne.ws/3RAxKm1

MAS and SGX Group Launch ESGenome Disclosure Portal to Streamline Sustainability Reporting and Enhance Investor Access to ESG Data
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX Group) today jointly launched ESGenome, a digital disclosure portal for companies to report Environmental, Social and Governance (ESG) data in a structured and efficient manner, and for investors to access such data in a consistent and comparable format.
/jlne.ws/3RYYs7E

Investing and Trading

An $83 Billion Investor Stampede Shows Scale of Europe’s Woes; Region is facing an ‘energy-industry Lehman Brothers’; Bank of America to BlackRock warn losses set to mount
Denitsa Tsekova and Michael Msika – Bloomberg
War, a winter of energy rationing, a coming recession that could outlast any American one. Oh, and a newly hawkish ECB. How Europe will surmount its mountain of troubles is anyone’s guess — and investors aren’t sticking around to find out.
/jlne.ws/3BeCjMe

Forced Buying Puts a Floor Under Stocks Nobody Else Wants to Own; Short sellers, options hedgers, quants seen driving an up week; Retail and fund outflows show growing risk aversion amid Fed
Lu Wang and Isabelle Lee – Bloomberg
In a week that saw discretionary buyers beat a quick retreat from risky assets, another set of traders stood up to halt a three-week plunge in the S&P 500: those with little choice but to buy. They included short sellers, whose rush to cover lifted stocks they’re betting against to gains of more than twice the market’s. Options dealers were another bullish force after getting caught needing to boost hedges by buying stocks when they rise. Certain quantitative traders for whom chart thresholds are a call to action also made their presence known.
/jlne.ws/3L9EgOj

Can the government make filing taxes online easier? A free IRS-run system is being studied; The IRS was given $15 million to study whether it might develop and run a free tax filing system;
A free IRS-run system could save taxpayers time and money spent on filing taxes and be more secure; Critics say Americans don’t want the tax collector to also do their taxes.
Medora Lee – USA TODAY
Everyone dreads tax season because completing and filing your taxes can be complicated, time-consuming and costly. In an effort to ease the burden, the Internal Revenue Service will resurrect the idea of providing all consumers with the option to file their taxes electronically for free using government-backed software.
/jlne.ws/3RNPA56

Billionaire Sports Owner Harris Builds New $5 Billion Investment Firm; Apollo co-founder embarks on second act in asset management; 26North builds team of veterans from Brookfield, Goldman Sachs
Heather Perlberg – Bloomberg
Josh Harris, the co-founder of Apollo Global Management Inc., is building out his firm to focus on private equity, credit and insurance. 26North Partners will launch with more than $5 billion in assets, according to a statement. The investing titan hired Mark Weinberg, who helped lead US private equity at Brookfield Asset Management, to run buyouts and Brendan McGovern, former head of Goldman Sachs Asset Management’s private credit group, to lead the lending platform.
/jlne.ws/3L88ocV

Deere Invests Billions in Self-Driving Tractors, Smart Crop Sprayers; Equipment maker, rivals roll out software to boost yield, but some farmers voice concerns over their data
Bob Tita, Jacob Bunge – The Wall Street Journal
For decades, Deere & Co. has dominated the hardware that powers the American farm industry with tractors, harvesters and other machinery used to plant seeds and reap crops. Now, Deere aims to extend its dominance to software to make those machines—and agriculture—more efficient and productive.
/jlne.ws/3BwHWqc

The Lipstick Index Returns, and Smells Better Than Ever; Strong demand for makeup, perfume and bouncy blowout hair reveals a lot about the economy.
Andrea Felsted – Bloomberg
The Lipstick Index is back. The term was coined during the 2001 recession by Leonard Lauder, then the chairman of Estee Lauder Cos. He noted that lipstick sales rose in the autumn of that year, indicating that women facing an uncertain economic environment turn to beauty products as an affordable treat.
/jlne.ws/3eK0Hh1

Market falls pose challenge for 60/40 portfolios; Inflation is biting into returns from bonds and equities
Chris Flood – Financial Times
Global stocks and bonds have been falling in tandem since mid-August with galloping inflation forcing big central banks such as the Federal Reserve, Bank of England and European Central Bank to ramp up the pace of monetary policy tightening.
/jlne.ws/3BfElvA

European investment grade bond prices fell 15% in wake of Russian invasion and inflation, finds ESMA; ESMA risk report found prices dropped 15% peak-to-trough between August last year and May 2022, nearly double that seen during the pandemic.
Annabel Smith – The Trade
European investment grade bonds prices fell 15% in the nine months between August last year and May 2022 as the impacts of the Russian invasion and inflation were felt across the market, ESMA’s latest risk report has found. High inflation, expectations of a slower economic growth and the interest rate environment were key risk drivers for fixed income noted by the watchdog in its report, sparking large selloffs on European corporate bond markets and price falls across rating categories.
/jlne.ws/3qx0jFi

Environmental, Social and Corporate Governance

‘Triple-dip’ La Niña is on the way. Here’s what it means for weather in the US.
Doyle Rice – USA Today
La Niña just won’t go away. Meteorologists say that for the third straight year, La Niña will persist throughout the winter in the Northern Hemisphere. This is the first “triple-dip” La Niña of the century, according to a recent update from the United Nations’ World Meteorological Organization.
/jlne.ws/3QtcYne

What’s Keeping Women From Management Roles? A meta-analysis of six decades of studies shows that women aspire to leadership roles less often than men do.
Arianne Cohen – Bloomberg
Growing up in British Columbia in the 1990s, Ekaterina Netchaeva found it perplexing that, though her mother received glowing performance reviews as a quality control engineer for a software company, she never tried to reach the top leadership track. “She was ambitious and doing well in her job, but she was simply not interested in going for the next promotion,” Netchaeva says. Several of her mother’s female colleagues felt the same, and when a teenage Netchaeva queried them about it, they cited family obligations, problematic gender dynamics at the office, and a lack of interest.
/jlne.ws/3QwSwlj

The $726b reasons ESG just keeps on growing; Shareholder activism has captured headlines, and now – increasingly – shareholders’ funds.
Lucy Dean – Financial Review
Major investors are increasingly using their firepower to push companies towards a greener future rather than simply taking into account environmental, social and governance (ESG) risks when making investment decisions. The amount of capital deployed to force companies to improve their environmental practices surged 54 per cent last year.
/jlne.ws/3RZgrLd

DBS enters the metaverse to promote ESG efforts
Finextra
Asian bank DBS has teamed up with decentralised gaming virtual world The Sandbox to launch a metaverse experience showcasing ESG ideas and initiatives. The bank is buying a 3×3 plot of Sandbox land to build DBS BetterWorld, which will used to demonstrate the importance of building a more sustainable world. For instance, DBS will use the platform to profile social entrepreneurs in Asia who have been driving positive impact through innovative business models.
/jlne.ws/3qxE6XK

Institutions

Arki Busson’s LumRisk suffers exodus of senior staff; Risk analytics company chaired by multi-millionaire financier is trying to raise capital and repay bondholders
Laurence Fletcher – Financial Times
A risk analytics company chaired by multi-millionaire financier Arki Busson has lost a number of senior managers as it tries to raise capital and repay bondholders including Louis Bacon’s investment firm Moore Capital. Switzerland-based LumRisk, a small fintech that offers risk analysis to global institutional investors, has lost four senior staff including its head of risk and operations, its head of IT and a board member in recent months, according to people familiar with the details and internal emails seen by the Financial Times.
/jlne.ws/3RUnkNV

BNP Paribas’ global head of prime services reverses decision to leave; Global head, formerly of Deutsche Bank and Barclays Investment Bank, has decided to stay with the bank following previous announcements that he would be departing.
Wesley Bray – The Trade
BNP Paribas’ global head of prime services Ashley Wilson will no longer leave the firm, The TRADE understands. Wilson originally joined the bank in June last year and has since held his current role as managing director, global head of prime services. Last month, sources familiar with the matter confirmed that Wilson was leaving the bank and that Nicolas Marque, head of global equities, would manage prime services until Wilson’s successor was appointed.
/jlne.ws/3eHC5pg

Wellness Exchange

Could Exposure to Covid Boost My Immune System?
Kristen V Brown – Bloomberg
Could Covid exposure boost my immune system?
My husband had Covid at the end of April. I was clearly exposed for a number of days before he tested positive. I never developed symptoms or tested positive myself. Would this exposure ramp up my immune system in a way similar to a booster shot? Barbara, Boulder, Colorado
/jlne.ws/3qun2BP

Covid-19 Is Still Killing Hundreds of Americans Daily; Disease on pace to remain third-leading cause of death, with older and sicker people among most vulnerable
Jon Kamp – The Wall Street Journal
Mark Pfundheller promptly got his first two Covid-19 shots and a booster, his family said, knowing the disease was a threat related to treatment for an inflammatory disorder that compromised his immune system. The 66-year-old former aviation consultant for Wisconsin’s Transportation Department caught the virus in April at a family wedding near his home in southern Wisconsin, where many guests were infected. Mr. Pfundheller died in a Madison, Wis., hospital on July 2 after an illness including time on a ventilator.
/jlne.ws/3d0prBi

Could a flu and COVID-19 ‘twindemic’ be ‘coming for the U.S. this year’?
Rebecca Corey – Yahoo News
“Every year since the pandemic began, I’ve feared this ‘twindemic’ — and that actually hasn’t happened yet,” Dr. Katelyn Jetelina, an epidemiologist and biostatistician and author of Your Local Epidemiologist newsletter, told Yahoo News. Jetelina isn’t alone. For the past two years, as autumn approached, health experts and media outlets alike have speculated whether fall and winter would bring about a “twindemic” — with a simultaneous onslaught of influenza and COVID-19.
/jlne.ws/3QFC9CV

New York Declares State of Emergency Over Polio; Acts after virus found in wastewater samples in Nassau County; State gives more people authority to administer vaccine
Brandon Sapienza – Bloomberg
New York declared a state of emergency over polio in an effort to boost vaccination rates after evidence of the virus’s spread mounted when it was found in wastewater samples in Nassau County on Long Island. The executive order, signed Friday by Governor Kathy Hochul, expands the network of vaccine administrators to include emergency medical workers, midwives and pharmacists. Physicians and certified nurse practitioners will be able to issue non-patient-specific standing orders for the polio vaccine, the New York Department of Health said in a statement.
/jlne.ws/3L7avxx

US criticised for rolling out Covid boosters without human trials; Some health experts say vaccination campaign risks undermining public trust
Jamie Smyth and Caitlin Gilbert – Financial Times
Health experts have warned that the US decision to roll out new Covid boosters without clinical testing on humans risks denting public trust and increasing hesitancy about vaccines.
/jlne.ws/3RXrvIO

Regions

India’s Edtech Startups Regroup as Pandemic Bonanza Fizzles; Digital pioneers seek growth in real-world classrooms as online fatigue and end of cheap capital stall expansion
Shefali Anand and Krishna Pokharel – The Wall Street Journal
The hottest thing in India’s online-education industry right now is going offline. After two years of blistering growth, sparked by one of the world’s longest Covid-19 school shutdowns, India hosts an increasingly crowded field of education-technology unicorns. Six have hit the $1 billion valuation milestone since the March 2020 nationwide lockdown. They joined Byju’s, which got there in 2017 and is now the world’s most valuable edtech startup, with a $22 billion price tag after a funding round in March, according to PitchBook Data Inc.
/jlne.ws/3xbLgnZ

Indonesia’s president Joko Widodo under pressure to import Russian oil; Leader of south-east Asia’s largest economy says he is considering all options to tame soaring energy costs
Mercedes Ruehl and Joe Leahy – Financial Times
Indonesian president Joko Widodo has said the country needs to look at “all of the options” as it considers joining other Asian economies including India and China in buying Russian oil to offset soaring energy costs. Indonesia has not imported significant amounts of oil from Russia for years, but Widodo’s government is under increasing pressure to curb rising costs after being forced to increase some fuel prices by up to 30 per cent this month.
/jlne.ws/3eHT9LR

Thailand sees 22% drop in investment pledges this year
Reuters
Thailand expects overall investment applications to drop by 22% to 500 billion baht ($13.76 billion) this year after a first-half slump, its government said on Monday.
/jlne.ws/3REyoiu

Renminbi heads for record annual fall against dollar; Covid lockdowns, sputtering economic growth and diverging monetary policy pile pressure on China’s currency
Hudson Lockett – Financial Times
The renminbi is on course for its largest annual fall on record against the dollar despite Beijing taking its strongest steps to stem the currency’s decline, as growing monetary policy divergence between China and the US piles pressure on exchange rate stability.
/jlne.ws/3eC4UTP

Vladimir Putin has forced the EU into a long-overdue energy union; The desire for national control has delayed the removal of physical bottlenecks in European energy flows
Martin Sandbu – Financial Times
It was clear by 2014, when Vladimir Putin first invaded Ukraine, that Europe would have to protect itself from being held hostage to foreign energy suppliers. In that year the idea of an “energy union” gained rhetorical support from leaders, some of whom continued with the hard work of making their energy pipelines more resilient.
/jlne.ws/3RE14rX

Repression and poverty trigger record migration in the Americas; Those fleeing Venezuela and Cuba are adding to flow of people headed towards US border
Michael Stott – Financial Times
The Americas are in the grip of their biggest migration crisis, as tens of thousands fleeing repression in Venezuela and Cuba add to the flow of people from Central and South America towards the US border, according to a top American official.
/jlne.ws/3S0Hl5H

Miscellaneous

The Ultimate M.B.A. Networking Event? A Yacht Party in Croatia; Hundreds of students from Harvard and other elite business schools like to connect at Yacht Week, a floating festival in the Adriatic Sea. ‘The girlfriends I went with on the trip, maybe we’ll become co-founders one day.’
Lindsay Ellis – The Wall Street Journal
Jaron Wright and Shivani Singh, first-year students at Harvard Business School, started networking before the fall semester started. They connected during a seven-day-long party aboard yachts floating in the Adriatic Sea. Hundreds of students from Harvard and other elite business schools spent time this summer participating in an emerging rite of passage for M.B.A. candidates: Yacht Week.
/jlne.ws/3L3Yauf

Wall Street’s Favorite Sport Is a Failing Business; Tennis may appear to be on a roll, with exciting young players and record ratings. But if it were a company, activist shareholders would have already called for a restructuring.
Lauren Hirsch and Vivian Giang – The New York Times
This weekend is the climax of the U.S. Open, as Ons Jabeur and Iga Swiatek face off in the women’s final today and Casper Ruud plays Carlos Alcaraz for the men’s title tomorrow. It is also Wall Street’s favorite spectator sports event — a place to see and be seen. The stands in Flushing Meadows, Queens, are filled with Wall Street titans and corporate America’s top executives. Presiding there is Jamie Dimon, chief executive of JPMorgan Chase, the Open’s top sponsor, feting clients who have flown in from Silicon Valley, Miami and practically everywhere in between. Bill Gates, a longtime tennis fan, regularly attends. Virtually every major Wall Street bank has a private suite or courtside seats for entertaining. Hedge fund magnates are also out in force, led by Bill Ackman, who is such a tennis fan that he built a court on the roof of his office and has personally sponsored players. And then there are the power players in attendance like Michelle Obama and Jon Bon Jovi who sat courtside Friday night.
/jlne.ws/3Bv588e

Charles Doesn’t Have to Pay Inheritance Tax on $750 Million Estate
Jyoti Mann – Business Insider
King Charles will not have to pay inheritance tax on the Duchy of Lancaster estate he inherited from the Queen due to a rule allowing assets to be passed from one sovereign to another.
Charles automatically inherited the estate, the monarch’s primary source of income, while his eldest son, Prince William, inherited the Duchy of Cornwall estate – valued at more than $1 billion – from his father.
/jlne.ws/3Btihh9

So You Wanted to Get Work Done at the Office? Some are nostalgic for the silence they had at home, especially since in-office perks, aimed at luring people back, can make it harder to concentrate.
Emma Goldberg – The New York Times
Marjorie Roberts, who runs a nonprofit in the Florida Keys, started out a recent morning with a list of tasks that ideally she would have raced right through. Figure out coverage for someone going on summer vacation. (Easy.) Look at the accountant’s recent audit. (Blah.) Redo a reimbursement request that the county finance department turned down. (Why?!) All simple enough. But in the office — “a hoarder’s paradise,” as she called it — her time isn’t always her own. Clients and colleagues pass through all day with requests.
/jlne.ws/3U03eDT

We visit more than 100 financial news websites daily (Would YOU do that?)

The Spread

Past JLN Newsletters

China commodity trader woe a setback for Glencore

China commodity trader woe a setback for Glencore

First Read Hits & Takes John Lothian & JLN Staff Congratulations to Larry Tabb. STA announced Larry as the 2022 Dictum Meum Pactum (DMP) Award recipient. Here is a success story for you. The Greenwood Project placed four interns at Goldman Sachs this summer...

Pin It on Pinterest

Share This Story