Zero-Day Options Are Reordering the Way the Stock Market Behaves

May 18, 2023

First Read

Hits & Takes
John Lothian & JLN Staff

Jason Billups and His Family Need Your Help After Accident Leaves Jason in a Coma

One constant in the Open Outcry Traders History Project video series stories from John Lothian News was the generosity of traders and the industry to people in need of help. If there was a need, people stepped up to help. Someone many in our industry may know needs you to step up now. Jason Billups and his family need to call upon this historic generosity, due to a terrible accident.

Jason is in a coma in Kelowna, British Columbia, a venue he departed Chicago for with his family to protect them from the pandemic and the crime that came to his building’s doorstep. Jason fell off the roof of the home he was renting in Kelowna while doing some maintenance work and has suffered a severe traumatic brain injury, as well as several broken bones, including his pelvis. He was in a medical coma, but now is just in a coma.

Jason, who started his trading career on the floor of the CBOE for O’Connor & Associates and also worked for O’Connor UBS, had recently left CSS to start his own business. As a foreign national in Canada, he is not covered by Canada’s national health insurance, but does have COBRA. However, he faces a two-year recovery before he can discover his new normal. Besides damage to his brain from the fall, he also suffered a stroke. What his mental and physical deficits are will only be known in the future.

He was the sole breadwinner for the family, so there is no bread being won currently. Jason and his wife have two children, a three-year-old girl and a five-year-old girl. To help with Jason’s medical bills and to help support the family, his sister Stacey, father Gary and wife Mimi have started a GOFUNDME campaign.

Because Jason is a foreign national living in Canada, at some point he will have to pay up front for his medical care. His COBRA coverage is ticking away while he racks up hundreds of thousands of dollars of medical bills.

Jason’s sister Stacey told me Jason was the guy who would be the first to give you the shirt off his back to help you. Jason and his family need your help now. If you can give to the GOFUNDME, please do, at whatever level you can do so. If you can’t support the family financially, please keep them in your thoughts and prayers; hold the family in your heart and pray that Jason will come back to them.

Bloomberg published the Odd Lots podcast with CFTC Chairman Rostin Behnam that it conducted at the ISDA AGM in Chicago. The title of the podcast is “CFTC Chair Rostin Behnam on the Fight to Regulate Crypto; A live Odd Lots interview from the ISDA annual meeting.”

CoinDesk’s Michael Casey is interviewed by PressProfile Podcast in a story titled “CoinDesk’s Michael Casey: One of Mainstream Media’s Earliest Bitcoin Champions.”

Kudos to OCC for its support for International Day Against Homophobia, Biphobia, and Transphobia, which is about ending discrimination globally against people for their sexual orientations, gender identities or expressions, and sex characteristics. OCC posted their support for International Day Against Homophobia, Biphobia, and Transphobia Day, which was May 17, on LinkedIn yesterday.

The Chicago SunTimes is reporting that the Oscar Mayer Wienermobile is getting a new name. The new name for the 27-foot long hotdog shaped vehicle is Frankmobile and the drivers go from being “Hotdoggers” to “Frankfurters.” Oscar Mayer is giving anyone with an iteration of the name Frank a coupon for free hotdogs.

My family has a car game we played when the kids were small and we were taking road trips or simply driving somewhere. Seeing the Weinermobile was an instant win. Seeing Dad get pulled over by the police for a speeding violation was an instant loss for me. Other cars in the game included the Chevrolet Avalanche, Volkswagen Beetle, Jeeps, Mini Coopers and others with unique shapes. Most were worth 1 point, but a Hummer was worth 5 and the first person to 20 points won, though you had to win by two points. It was my way of teaching my kids math at an early age and to identify different cars, i.e. to pay attention to their surroundings.

A Lake Geneva Estate that was built 12 decades ago by one of the namesakes and founders of the Drake hotels and was owned by a member of the Chicago family that founded the Northern Trust Bank is for sale for $35 million, Crain’s Chicago Business reported. It is a beautiful home and estate with a great view of the lake. It might be worth the $35 million.

Allies of Chicago Mayor Brandon Johnson released a proposal with $12 billion worth of financial goodies, including a city income tax for incomes over $100K and a financial transaction tax expected to bring in $2 billion, Crain’s reported. The latter has little chance of being enacted as it would have to be approved by Springfield and the Illinois Governor, who has said he is not in favor of such a tax.

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


Digital Currency Options and the Deribit Options Exchange; Luuk Strijers, Options Industry Veteran and Chief Commercial Officer of Deribit, Discusses These Topics and More in This Options Discovery Full Interview

In this Options Discovery full interview, Alex Teng speaks with Luuk Strijers, chief commercial officer of Deribit. Luuk talks about a variety of topics from his career to the growth of Deribit and the digital asset market. Luuk also gives insight into the regulatory environment, the types of products Deribit offers, and the types of customers Deribit serves.

Watch the video »


US banks rethink social media as a threat, not a marketing tool
Nupur Anand – Reuters
Bankers are beefing up risk management, monitoring and emergency procedures around the use of social media after an internet-fueled run toppled Silicon Valley Bank two months ago and sparked turmoil in the industry.

****** Every organization needs to monitor social media and have a fast response team to handle issues that arise. The risk of negative news spreading virally is a real risk. ~JJL


Cancel That Brainstorm. There’s a Better Way to Spur Good Ideas; Giving workers alone time could yield more innovation than getting everyone in a room, research shows
Callum Borchers – The Wall Street Journal
OK, people, let’s spitball some topics for this column. Annoying co-workers you would like to replace with artificial intelligence? Office wardrobe malfunctions? Bosses’ secret TikTok accounts? Go ahead, shout ’em out. There are no bad ideas. This brainstorming exercise is, in fact, a terrible idea-not only because I can’t hear you. The value of gathering to swap loosely formed thoughts is highly suspect, despite being a major reason many companies want workers back in offices.

****** I would agree with this. While I get some great ideas from others, the best thinking I do is when I am alone.~JJL


In Battle Over A.I., Meta Decides to Give Away Its Crown Jewels; The tech giant has publicly released its latest A.I. technology so people can build their own chatbots. Rivals like Google say that approach can be dangerous.
Cade Metz and Mike Isaac – The New York Times
In February, Meta made an unusual move in the rapidly evolving world of artificial intelligence: It decided to give away its A.I. crown jewels. The Silicon Valley giant, which owns Facebook, Instagram and WhatsApp, had created an A.I. technology, called LLaMA, that can power online chatbots. But instead of keeping the technology to itself, Meta released the system’s underlying computer code into the wild. Academics, government researchers and others who gave their email address to Meta could download the code once the company had vetted the individual.

****** I am a big open source fan, but maybe we should understand the risks a little more before we do this.~JJL


Wednesday’s Top Three
Our most clicked item on Wednesday was The CME’s Terry Duffy on the Big Risks He’s Seeing Now, a video from Bloomberg’s Odd Lots on YouTube. Second was Financial transaction tax proposal raises concerns for Chicago firms, from the Chicago Business Journal. Third was Bloomberg’s Here’s How Much Wealth You Need to Join the Richest 1% Globally.


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Lead Stories

Zero-Day Options Are Reordering the Way the Stock Market Behaves; Evidence grows that 0DTE boom is messing with equity patterns; Intraday volatility and muted daily moves both linked to 0DTE
Lu Wang and Carly Wanna – Bloomberg
Wall Street has accepted that derivatives trading will never be the same after the frenzy for fast-twitch stock options took hold. What it next has to absorb: The equity market itself is threatening to go the same way. Evidence is starting to stack up that the craze for so-called zero-day contracts, known as 0DTE, is altering how underlying assets behave. The idea is that the surge in trading of these tools – essentially side bets – has become so big that it’s affecting the broader market.

The Debt-Ceiling Standoffs Threaten American Prestige; Recurring struggles over the borrowing limit undermine the status of the US as an economic superpower.
Saleha Mohsin and Enda Curran – Bloomberg
America’s sway over the world economy is being eroded by self-inflicted policy wounds, with a dangerous standoff over the debt ceiling putting renewed scrutiny on the dollar’s preeminent status in global trade and finance. A behind-the-curve Federal Reserve struggling to corral inflation, a string of bank failures and now a political deadlock over the government’s ability to borrow are chipping away at US authority. At the same time, geopolitical fault lines are hardening, with the US assisting Ukraine in its war against Russia and locked in competition with China, two adversaries poised to exploit any misstep by policymakers in Washington-such as a first-ever US debt default.

Breaking Up the Swaps Market Is a Bad Idea; A fragmented derivatives market would be dangerous.
Marcus Ashworth – Bloomberg
“If at first you don’t succeed, try, try again.” That summarizes the European Union’s efforts to lure lucrative financial activity away from London since Brexit. But there comes a point when admitting defeat – or at least adopting a different strategy – benefits everyone, not least the EU itself. In particular, the bloc needs to abandon its campaign to capture derivatives clearing, a systemically important business worth hundreds of trillions of dollars.

BrokerTec Collaborates with LCH RepoClear SA to Integrate Clearing of Euro Denominated Securities for RFQ Trading Solution
CME Group
BrokerTec, a leading provider of electronic trading platforms and technology services in fixed income markets, today announced an expansion to its collaboration with LCH RepoClear, to provide an efficient route for clients to clear Euro-denominated securities with LCH through BrokerTec Quote, the dealer-to-client Request for Quote (RFQ) Repo trading solution.

The World’s Biggest IPO Market Is Not Healthy; A fast and furious influx of new companies is changing the investing landscape for fund managers in China.
Shuli Ren – Bloomberg
China can claim victory over the US in one area. It is now dominating the global initial public offerings market. The number of US IPOs has plunged this year, as Wall Street grapples with a regional bank crisis and a debt ceiling standoff in Washington. Meanwhile, companies have secured more than $25 billion across over 100 deals in mainland China year-to-date.

Bitcoin Miner Bit Digital Adds Machines in Iceland Before Possible U.S. Tax Crackdown; Biden administration is seeking to impose a big levy on crypto miners
Caitlin Ostroff – The Wall Street Journal
New York-based Bit Digital is expanding its operations to Iceland in a bid to hedge the bitcoin-mining company’s regulatory risk amid a proposed a crypto-mining tax from the Biden administration. Samir Tabar, chief executive of Nasdaq-listed Bit Digital, told The Wall Street Journal that the company bought 2,500 new bitcoin-mining machines for $5 million last week and will house them in Iceland, the company’s first time sending new computers outside the U.S. in two years.

US Makes Rare Wheat Imports From Europe After Drought Ravages Crops; Two cargoes of Polish grain have arrived in Florida this year; US farmers are abandoning crops at highest rate in a century
Agnieszka de Sousa, Michael Hirtzer and Tarso Veloso Ribeiro – Bloomberg
The US is resorting to purchases of European wheat after a drought upended crop markets, pushing local prices higher. At least two cargoes of Polish grain have arrived in Florida this year, with more expected over the next few months, according to people familiar with the matter, who asked not to be identified because the deals are private. Crop handler Andersons Inc. supplied the wheat to Ardent Mills’s flour factory in Tampa, the people said.

Citadel Securities alleges 2 former employees stole trade secrets
Citadel Securities sued a pair of former employees after they broke off to form a market-making firm for cryptocurrencies. The pair “engaged in a brazen scheme to steal Citadel Securities’ trade secrets, lie to their Citadel Securities colleagues and raid the ranks of Citadel Securities’ employees,” the firm wrote in the complaint, filed in state court in New York.

CDS Panel Says Credit Suisse AT1 Wipeout Won’t Prompt Payout; Panel sees AT1 bonds as junior to notes underlying the CDS; The securities had been at the center of a market debate
Giulia Morpurgo – Bloomberg
A panel tasked with overseeing the credit default swaps market said that the write down of Credit Suisse Group AG’s Additional Tier 1 notes will not trigger an insurance payout. The Credit Derivatives Determinations Committee (CDDC) ruled at a meeting on Wednesday that the write down would not lead to a payout of the default swaps tied to the bank’s subordinated debt, according to a notice on its website. In reaching its decision, the committee took the view that the AT1 notes were in fact junior to the subordinated bonds underlying the swaps.

Credit Suisse bondholders force Swiss regulator to release AT1 wipeout decree; Decision by court gives early victory to investors in what promises to be a drawn-out fight
Robert Smith, Stephen Morris and Owen Walker – Financial Times
Credit Suisse’s bondholders have forced Switzerland’s financial regulator to divulge the decree that wiped out their investments, handing them an early victory in the legal battle to overturn the controversial writedown. Investors representing at least $4.5bn of wiped-out Credit Suisse additional tier 1 bonds filed a lawsuit against Finma last month. The suit accuses Switzerland’s banking regulator of having acted unconstitutionally when it ordered the bank to cancel the $17bn of AT1 bonds as a part of its shotgun marriage to UBS two months ago.

Deutsche Bank pays up to $75mn to settle lawsuit from Jeffrey Epstein accusers; Agreement draws line under one of three complaints targeting lenders to late sex offender
Joe Miller – Financial Times
Deutsche Bank has agreed to pay up to $75mn to settle a lawsuit brought by an unnamed woman who alleged the lender had benefited from human trafficking by retaining Jeffrey Epstein as a client. The pseudonymous Jane Doe, who said she was abused by Epstein, first filed the proposed class action against Deutsche in November, after a New York law allowed sexual abuse claims where the statute of limitations had expired to proceed for a limited period of time. She claimed the German bank “chose profit over following the law” and knew it would “earn millions of dollars from facilitating Epstein’s sex trafficking”.

Alameda seeks millions of dollars from firms including George Osborne’s 9Yards; Lawsuit from bankrupt crypto hedge fund seeks to recoup FTX money allegedly spent on start-up Embed Financial
Mark Vandevelde – Financial Times
Alameda Research is seeking to claw back hundreds of millions of dollars paid to individuals and firms, including former UK chancellor George Osborne’s venture capital vehicle, in connection with a deal struck by Sam Bankman-Fried shortly before his FTX cryptocurrency empire entered bankruptcy last year.

US Treasury Hires Economists to Study Consequences of Sanctions; Unit will conduct analysis before sanctions are imposed; Critics say penalties are imposed too much and hard to remove
Daniel Flatley – Bloomberg
The US Treasury Department hired two economists to study the effects and unintended consequences of sanctions, the financial tools that have come to play a central role in US foreign policy. The Sanctions Economic Analysis Unit will research the collateral damage of sanctions before they’re imposed, and after they’ve been put in place to see if they should be adjusted. Treasury announced last September it was creating the new positions.

Bank of Korea Staffer Caught After Twin Brother Fakes Test; Employee’s twin allegedly took FSS test under his name: BOK; Central bank to take disciplinary action, prevent future cases
Shinhye Kang – Bloomberg
One man thought he’d beat the system of South Korea’s notoriously competitive hiring market: He allegedly got his twin brother to take a job entrance exam under his name. The candidate applied to work at the Bank of Korea and the Financial Supervisory Service last year, but both entrance tests were on the same day, according to a joint email statement Wednesday from the FSS and BOK. So the man got his twin brother to take the exam at the FSS – Korea’s financial watchdog – under his name, according to the statement that doesn’t identify the men.

The Blocksize Wars Revisited: How Bitcoin’s Civil War Still Resonates Today; Today’s debates over non-monetary uses of Bitcoin like ordinals and BRC-20 tokens echoes the battle between Big and Small Blockers between 2015 and 2017. This article, by Daniel Kuhn, is part of our “CoinDesk Turns 10” series.
Daniel Kuhn – CoinDesk
This weekend, a pseudonymous developer known as Punk3700 made cryptocurrency history by launching what he calls the first smart contract written on Bitcoin. It’s the type of technical achievement – crafted in the bespoke programming language, Solidity – that lately has become more common on a blockchain known for its chelonian development speeds. Solidity, if you need reminding, is the crypto coding standard that Vitalik Buterin invented to run decentralized applications on the largest alternative blockchain, Ethereum.

Euronext extends chief executive Stéphane Boujnah’s tenure until 2027; Former M&A banker calls on EU officials to improve supervision of bloc’s financial services
Nikou Asgari – Financial Times
Stéphane Boujnah has been reappointed as head of Euronext for a further four years, with the former M&A banker promising further deals to bolster its position as Europe’s largest exchanges operator. Boujnah, 59, will stay at Euronext until 2027, extending an eight-year tenure.

JPMorgan employees describe growing ‘paranoia’ as the company tracks their office attendance, calls, calendars, and more – with one worker even installing a ‘mouse jiggler’ to evade ‘Big Brother’
Reed Alexander – Business Insider
At JPMorgan Chase, watchful eyes are everywhere, according to employees. In April, JPMorgan CEO Jamie Dimon ordered the bank’s managing directors, its highest ranks under the C-Suite, to return to the office five days a week to be “visible on the floor.” All other employees were also ordered to return to the office at least three days a week or “face corrective action,” according to a copy of the memo obtained by Insider.

EDF Power Traders Lost ‘Shocking’ EUR480 Million as Energy Prices Surged; Allegations of loss emerge in ex-trader’s whistle blowing suit; EDF says trader was fired for leaking information about loss
Jonathan Browning – Bloomberg
Electricite de France SA’s power trading business lost as much as EUR480 million ($519 million) during an unexpected surge in European energy prices in the fall of 2021, according to an ex-trader suing the utility.

Ukraine Invasion

Russia says hypersonic missile scientists face ‘very serious’ treason accusations
Tatiana Gomozova and Lucy Papachristou – Reuters
Three Russian academics who have worked on hypersonic missile technology face “very serious accusations”, the Kremlin said on Wednesday, in a treason investigation that has spread alarm through Russia’s scientific community.

From Russia to America, the politics of patriarchy; Concerns about population are key to understanding how nations and their armies behave
Angela Saini – Financial Times
In a desperate effort to boost recruitment in the face of crushing losses since invading Ukraine, the Russian military has launched a campaign urging men to give up their civilian jobs and join the army. “Be a man,” the slogan goads. In the last year, the Russian government has also offered “Mother Heroine” medals to women who have more than 10 children, to help boost birth rates – and raise more future soldiers.

Ukraine’s allies fear military support will fade in US election year; European capitals concerned divisive Washington politics will jeopardise aid levels when $48bn package expires
Felicia Schwartz and Henry Foy – Financial Times
Ukraine’s allies fear military support for its battle against Russia is nearing a peak, with senior European officials increasingly concerned about the flow of aid next year as the US enters a divisive presidential campaign.

An Untested Oil Price Cap Has Helped Choke Revenue to Russia; Group of 7 leaders are prepared to celebrate the results of a novel effort to stabilize global oil markets and punish Moscow.
Jim Tankersley – The New York Times
In early June, at the behest of the Biden administration, German leaders assembled top economic officials from the Group of 7 nations for a video conference with the goal of striking a major financial blow to Russia.

Ukraine could join ranks of ‘frozen’ conflicts, U.S. officials say; How Ukraine could become the next South Korea.
Nahal Toosi – Politico
U.S. officials are planning for the growing possibility that the Russia-Ukraine war will turn into a frozen conflict that lasts many years – perhaps decades – and joins the ranks of similar lengthy face-offs in the Korean peninsula, South Asia and beyond. The options discussed within the Biden administration for a long-term “freeze” include where to set potential lines that Ukraine and Russia would agree not to cross, but which would not have to be official borders. The discussions – while provisional – have taken place across various U.S. agencies and in the White House.

Traitor next door? Fear stalks Kherson after Russian occupation ends
Elizabeth Piper – Reuters

US Avenger an ‘important boost’ for Ukrainian air defense, top commander says; The Avenger has laser and infrared technology to identify and track targets.
Tom Soufi Burridge, Oleksiy Pshemyskiy, and Ibtissem Guenfoud – ABC News

Ukraine says it shot down 29 of 30 missiles in Russian attacks
Gleb Garanich – Reuters

The CIA launched a Telegram channel to get Russians to spy for them, with one former spook saying now is ‘probably the best period of recruiting Russians that we’ve had’
Mia Jankowicz – Business Insider

Exchanges, OTC and Clearing

BrokerTec extends relationship with LCH RepoClear to integrate Euro-denominated securities on RFQ trading solution; Collaboration will allow BrokerTec clients to clear Euro-denominated securities transactions with LCH RepoClear via sponsored clearing, offering the benefits of a central counterparty.
Wesley Bray – The Trade
CME Group’s fixed income platform BrokerTec has expanded its collaboration with LCH RepoClear to provide an improved route for clearing Euro-denominated securities with LCH. Clearing will be able to occur with LCH through BrokerTec’s dealer-to-client request for quote (RFQ) repo trading solution BrokerTec Quote.

BGC adds 37 new HKEX derivatives products to electronic trading platform; The addition follows the launch of Fenics GO by the interdealer broker in 2019.
Claudia Preece – The Trade
BGC Partners’ electronic trading services and software provider, Fenics GO, has added 37 HKEX MSCI derivatives products to its platform. Fenics GO is integrated with Eurex workflow and allows traders to anonymously access and interact with block liquidity in futures and options for processing of cleared derivatives trades.

HKEX Suite of MSCI Products Launched with Fenics GO
BGC Partners
Fenics GO, an innovative global platform and service for accessing and transmitting financial information and trading financial instruments, including, exchange listed options and delta 1 products, operated by the Fenics division of BGC Partners, Inc. (Nasdaq: BGCP) (“BGC Partners,” “BGC” or the “Company”), today announced that it has introduced 37 HKEX MSCI derivatives products on to its multi award winning platform. Working together with HKEX is an important step in expanding the range of products that Fenics GO can offer as well as acknowledging our goal of a more efficient, compliant, and cheaper method for arranging block trades for the wider market.

SIFMA Fixed Income Market Close Recommendations In The U.S., The U.K., And Japan For The U.S. Memorial Day & U.K. Spring Bank Holidays
SIFMA confirmed its previous recommendations for the U.S., the U.K., and Japan in observance of the U.S. Memorial Day and U.K Spring Bank holidays. These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit.

ASX Enhances Eligibility Criteria For CHESS Replacement Partnership Program Following Industry Feedback
Following a number of stakeholder discussions since pausing CHESS replacement in late 2022, ASX began developing the CHESS replacement Partnership Program (“Partnership Program”) to recognise future industry cooperation on the project. The initiative was announced in February 2023.

FEX Global Suspension of ESPO Asian Crude (Argus) Futures and Options Contracts
The Board of Directors of FEX Global have determined to indefinitely suspend for trading all futures and options products referencing the ESPO Asian Crude (Argus) Benchmark. This suspension will come into effect after the close of today’s trading session. A market notice has been published at 9.30am today AEST. FEX Global is deeply concerned about the invasion of Ukraine and believe that this action is in line with both the legal and other sanctions that have been imposed on Russia and Belarus as well as the intent of those sanctions.

Intercontinental Exchange Chair & CEO Jeffrey C. Sprecher to Present at the Bernstein 39th Annual Strategic Decisions Conference on May 31
Intercontinental Exchange, Inc
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, announced today that Jeffrey C. Sprecher, Chair and CEO, will present at the Bernstein 39th Annual Strategic Decisions Conference. The presentation will take place on Wednesday, May 31 at 3:30 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE’s website at

Coreshares by 10X Lists South Africa’s First Actively Managed Exchange Traded Fund
The Johannesburg Stock Exchange (JSE) is pleased to announce the listing of the first Actively Managed Exchange Traded Fund (AMETF) by 10X Investments, the CoreShares Income Actively Managed Exchange Traded Fund. This follows the amendment of JSE Listings Requirements in October 2022 after consulting with market participants.

The 22nd Annual General Shareholders Meeting
Notice of the 22nd Annual General Shareholders Meeting

Regular Constituents Chagnes in KOSPI 200, KOSDAQ 150 and KRX 300
There will be regular constituents changes in KOSPI 200, KOSDAQ 150, and KRX 300, effective from June 9, 2023. Change of constituents – KOSPI 200 : 2 added and 2 removed * OCI(010060), a spin-off issue · OCI Holdings(010060) will remain on the list after the planned reconstitution on June 9 · OCI(spun-off company, 456040) will not be added to the index

LME Clear Margin Parameters May 23
All LME Clear Members Date: 18th May 2023 Ref: 23-018 Classification: Risk Subject: SPAN Margin Parameters LME Clear Members are advised that new SPAN1 margin parameters have been set, as marked in the SPAN Margin Parameter spreadsheet located here The changes will be made effective at close of business 24th May 2023 and will be reflected in SPS margin calls on the morning of 25th May 2023.

NYSE Arca Equities in conjunction with other UTP exchanges has ruled to bust all erroneous trades in CDW – CDW Corp., executed on NYSE Arca Equities between 04:00:00 and 04:22:00 ET today, at or below $162.85. This ruling is not eligible for appeal.

SGX Securities welcomes Ever Glory United Holdings Limited to Catalist
SGX Securities is pleased to welcome Ever Glory United Holdings Limited to Catalist under the stock code “ZKX”. Ever Glory United Holdings Limited is a Singapore-based company specialising in mechanical and electrical (M&E) engineering services. The company offers a diverse range of M&E engineering solutions for public and private sector projects, such as the development or redevelopment of HDB residential flats, private schools, private residential properties, mixed-use properties, and commercial and industrial buildings. With design and build capability and a comprehensive range of M&E engineering services, Ever Glory United Holdings Limited plans to strengthen its market position by further expanding its operations.


How fintech can adapt to a tougher environment; Long-term survival is often underrated as a business objective
Anne Richards – Financial Times
It would be easy to sympathise with Henry Kissinger when he joked: “There can’t be a crisis next week, my schedule is already full.” Stresses in the banking sector and the “shotgun weddings” of lenders such as First Republic have added a layer of volatility to an already challenging economic and financial outlook. For some, it might revive bad memories of the turbulence of 2008. But the years after the financial crisis saw a positive burst of creativity in the fintech sector, and the application of a start-up ethos to financial problems. It was spurred on by changing consumer behaviour, advances in technology and connectivity and by ultra-low interest rates.

Best Equities Trading Platform: Instinet
Anna Lyudvig – Traders Magazine
Traders Magazine spoke with Tom Whelan, Global Head of Instinet Technology Solutions at Instinet, which won Best Equities Trading Platform at the 2023 Markets Choice Awards.
What did Instinet’s win for Best Equities Trading Platform mean to your firm? We’re very honored that Instinet was selected for Best Equities Trading Platform at this year’s ceremony. I’m personally quite proud to be part of a team that shows such a tremendous degree of commitment, to our business and to our clients. It’s always gratifying when our client focus, and innovations are recognized, but most of all, we’re grateful to our clients for trusting us to be a crucial part of their workflow each day. We congratulate all of this year’s award nominees and recipients on their achievements.

Robinhood Markets, Inc. Reports April 2023 Operating Data
Robinhood Markets, Inc.
Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported selected monthly operating data for April 2023: Net Cumulative Funded Accounts (NCFA) at the end of April were 23.1 million, up approximately 30 thousand from March 2023(1). Monthly Active Users (MAU) at the end of April were 11.5 million, down approximately 300 thousand from March 2023. Assets Under Custody (AUC) at the end of April were $77.4 billion, down 1% from March 2023. Net Deposits were $1.4 billion in April, translating to a 22% annualized growth rate relative to March 2023 AUC. Over the last twelve months, Net Deposits were $17.4 billion, translating to an annual growth rate of 22% relative to April 2022 AUC.

AT&T Is Spending Billions to Wire U.S. for Fast Internet as Rivals Take Different Path; Telecom company broadens its network of fiber-optic cables amid a slowdown in mobile growth
Will Feuer – The Wall Street Journal
For AT&T, the fastest home internet needs wires. The telecommunications giant is expanding its network of fiber-optic cables to deliver fast internet speeds for customers, including those in places where it doesn’t already provide broadband.

How to Avoid the Ethical Nightmares of Emerging Technology; A framework for navigating the worst of what AI, quantum computing, and other new technologies could create. by Reid Blackman
Harvard Business Review
Facebook, which was created in 2004, amassed 100 million users in just four and a half years. The speed and scale of its growth was unprecedented. Before anyone had a chance to understand the problems the social media network could cause, it had grown into an entrenched behemoth.

Percent Closes Oversubscribed, Nearly $30 Million Series B Funding Round to Meet Demand for Industry’s Most Innovative Private Credit Market Platform; Company Beats Revenue Expectations as Private Credit Continues to Heat Up; Funding Raised Will Help Fuel Continued Growth

DLT could unlock access to around $16 trillion in tokenised illiquid assets by 2030, report finds; Report claims that “the opportunity is ripe for a consolidated, global effort to modernise financial infrastructure using DLT”.
Claudia Preece – The Trade


APIs are Top Cybersecurity Priority for Most Organizations, Yet 40% Do Not Have an API Security Solution
Traceable AI Press Release
New research conducted at RSA Conference 2023 by Traceable AI found that while API security remains a top cybersecurity concern this year, there is still an alarming lack of implementation for most companies. The first annual study also revealed that companies are struggling with unchecked API sprawl, lack of clarity on who owns API security, and do not baseline behavior as part of their security capabilities.

AI and Cybersecurity: A New Era
Morgan Stanley
If you recently used your car’s GPS system, relied on auto-correct when writing an email or conducted an online search, chances are you’ve experienced artificial intelligence (AI). So, let’s discuss the basics of AI, how cybersecurity teams and hackers are using AI, and how you can help keep yourself safe.

New ZIP domains spark debate among cybersecurity experts
Lawrence Abrams – BleepingComputer
Cybersecurity researchers and IT admins have raised concerns over Google’s new ZIP and MOV Internet domains, warning that threat actors could use them for phishing attacks and malware delivery.
Earlier this month, Google introduced eight new top-level domains (TLD) that could be purchased for hosting websites or email addresses.

How Could Artificial Intelligence Impact Cybersecurity?
Dan Vigdor – Forbes
Artificial intelligence (AI) has entered the chat in almost every industry in 2023. From art and creativity to cybersecurity, data protection and the ethical use of technology, AI is taking society by storm, with no signs of stopping anytime soon.


Need to Know: how will UK crypto regulation affect me? Digital currency exchanges would be required to comply with rules governing traditional financial services
Rafe Uddin – Financial Times
UK ministers have been put under pressure over planned crypto regulations by a group of crossbench MPs who are seeking a more radical overhaul of the industry. The Treasury select committee published a report on Wednesday in which members said crypto should be treated like gambling, given it had “no intrinsic value, huge price volatility and no discernible social good”.

Regulators Should Not ‘Front-Run’ Congress on Stablecoins; The House has made it clear that passing a stablecoin bill is a top priority. Regulators – like the SEC – shouldn’t get ahead of the legislative process, say Bain Capital’s Tuongvy Le and Khurram Dara.
Tuongvy Le, Khurram Dara – CoinDesk
There is a quietly emerging consensus among key stakeholders regarding one area of crypto regulatory policy – payment stablecoins. On Thursday, the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion, will hold another hearing on stablecoins – the second on the subject in the last four weeks. Ahead of the hearing, two more drafts of bills were posted on the Committee’s website from Chair Rep. Patrick McHenry and from Ranking Member Rep. Maxine Waters – both variations of their joint draft that was under consideration by the committee last year. The latest hearing and newly circulated drafts signal the House’s commitment to introducing and passing a bill in this area.

Ripple Starts Platform for Central Banks to Issue Their CBDCs; The firm will also showcase a real estate tokenization product as part of Hong Kong Monetary Authority’s e-HKD pilot.
Lavender Au – CoinDesk
Ripple is starting a central bank digital currency (CBDC) platform which allows central banks, governments, and financial institutions to issue their own digital currency. Using Ripple’s platform government institutions can manage and customize the entire life cycle of the CBDC, which includes minting, distribution, redemption and token burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC.

Hong Kong launches e-HKD pilot programme, with 16 companies to test digital currency for public use in shops, restaurants
Enoch Yiu – South China Morning Post
Hong Kong has launched the trial run for a digital version of the local currency, called the e-HKD, paving the way for a virtual coin the public will be able to use to shop, dine out and make money transfers. Some 16 banks and payment companies will select small groups of their clients to test six potential uses for the e-HKD – online payments, payments in shops and restaurants, collecting government payouts, tokenised deposits, tokenised asset settlement and Web3 trading and clearing, according to a statement by the Hong Kong Monetary Authority (HKMA).

Westpac bans transfers to world’s largest crypto exchange Binance; Bank customers can no longer make payments to the cryptocurrency exchange, in a move to reduce scams
Josh Taylor – The Guardian
Westpac has banned customers from transferring funds to the world’s largest cryptocurrency exchange Binance, in a move aimed at reducing losses from scams. The Australian big four bank said on Thursday it was blocking a number of cryptocurrency exchanges as part of a trial, after its own data showed investment scams accounted for about half of all scam losses, and a third of all scam payments were transferred directly to cryptocurrency exchanges.

U.S. Bitcoin Corp to Host 150K Crypto Mining Rigs; The contracts are the latest in a series of moves indicating the mining industry is getting back on its feet.
Eliza Gkritsi – CoinDesk

Crypto Speculators Are Flocking to a 12-Year-Old Token: Litecoin; Interest in Litecoin also driven by upcoming “halving”; Token has rallied since Bitcoin fees hit $30 on May 8
Sidhartha Shukla – Bloomberg

Voyager bankruptcy plan approved, customers may recover 35.7% of claims initially; The third try is a charm for the crypto brokerage, whose assets were almost bought by FTX and Binance.US. Now it’s just handing what it has over to its creditors.

Pepe-Themed ‘Bitcoin Frogs’ Becomes Most Traded NFT Amid Bitcoin Ordinals Hype; Some $2 million worth of NFTs have been exchanged in the past 24 hours.
Shaurya Malwa – CoinDEsk


Wall Street Fears $1 Trillion Aftershock From Debt Deal; Resolution would spur Treasury to replenish coffers via bills; Move could drain liquidity from system, hurting riskier assets
Liz McCormick and Alex Harris – Bloomberg
Looming behind market fears over the prospect of a historic US default is the less-discussed risk of what would follow a deal to resolve the debt-ceiling impasse. Many on Wall Street predict lawmakers will ultimately reach an agreement, likely averting a devastating debt default, even if it goes down to the wire. But that doesn’t mean the economy will escape unscathed, not just from the bruising standoff but also as a result of the Treasury’s efforts to return to business as usual once it can ramp up borrowing.

US senator introduces bill to create a federal agency to regulate AI
Brian Fung – CNN
Days after OpenAI CEO Sam Altman testified in front of Congress and proposed creating a new federal agency to regulate artificial intelligence, a US senator has introduced a bill to do just that. On Thursday, Colorado Democratic Sen. Michael Bennet unveiled an updated version of legislation he introduced last year that would establish a Federal Digital Platform Commission.

There Is No Magical Solution to the Debt-Ceiling Crisis; It would be wonderfully simple for Biden to unilaterally raise the limit, but the Constitution doesn’t work that way.
Jessica Karl – Bloomberg
While Jill Biden and Doug Emhoff were spinning their hearts out in a Harry Styles vs. Lizzo-themed SoulCycle class this morning, maybe US President Joe Biden was preparing his remarks to discuss the debt ceiling. Or perhaps he was packing his bag for his trip to the G-7 summit in Hiroshima, Japan. Or – just spitballing here – maybe he was catching up on a little-known clause within the 14th Amendment, which says the “validity of the public debt of the United States, authorized by law … shall not be questioned.” A group of Senate Democrats has nudged Biden to invoke the amendment, arguing that if Congress fails to raise the debt limit, he could just borrow more money to save the country from a catastrophic default.

Pence Calls for End to Fed’s Jobs Role as He Weighs 2024 Bid; Ex-vice president has long wanted to restrict the bank’s scope; Pence breaks with Trump, McCarthy on Social Security, Medicare
Mark Niquette – Bloomberg
Former Vice President Mike Pence is calling for an end to the Federal Reserve’s dual mandate, saying the central bank should focus solely on fighting inflation and leave creating jobs to Congress and the president.

Schumer Tries to Drag Big Banks Into the Debt-Ceiling Fight
Katanga Johnson – Bloomberg
Jamie Dimon, Jane Fraser and other bank executives went to the Capitol today to talk banking policy. They walked straight into the debt ceiling tug of war. The CEOs of JPMorgan and Citigroup drew a swarm of reporters after word leaked out that they were meeting with Senate Majority Leader Chuck Schumer.

Guy Hands Says Investment Case for UK Is Only Getting Worse After Brexit; Terra Firma chair calls for Swiss, Norway-style deal with EU; Red tape another factor deterring investment in UK, Hands says
waku Gyasi and Francine Lacqua – Bloombewrg
Guy Hands said the business outlook and investment case for the UK is only getting worse and that the country needs to reforge trading ties with the European Union to stop the rot. Britain’s decision to weaken its relationship in the wake of Brexit means the country is losing its global appeal, the chairman of private equity firm Terra Firma said in an interview with Bloomberg TV on Thursday.

The Crypto Market Is a Gamble. Regulating It Shouldn’t Be; UK lawmakers want to lump Bitcoin in with casinos – a move that sounds good on paper but needs a lot of work.
Lionel Laurent – Bloomberg
“The game never ends when your whole world depends on the turn of a friendly card,” the prog-rock group Alan Parsons Project once sang. Today’s equivalent is the price of a frenemy cryptocurrency. Digital tokens offer gambling highs 24/7, as gullible punters bet big on volatile coins that enrich exchanges, ruin lives and abet crimes. The question is: Should regulators make the crapshoot connection official?


SEC proposes rule changes to enhance risk management and resilience of covered clearing agencies; New proposals would include the requirement for covered clearing agencies to have policies to establish a risk-based margin system which monitors intraday exposure on an ongoing basis.
Wesley Bray – The Trade
The Securities and Exchange Commission (SEC) has proposed rule changes to improve the resilience and wind-down planning of covered clearing agencies (CCA). Existing rules related to intraday margin and the use of substantive inputs to a covered clearing agency’s risk-based margin system will be amended by the proposal, with a new rule added to establish requirements for the contents of a CCA’s recovery and wind-down plan.

CFTC Staff Issues an Advisory Related to Prime Brokerage Arrangements and Derivatives Clearing Organization Registration Requirements
The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) today issued a staff advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis to examine the specific nature of their activities for the potential need to register as a DCO.

SEC Proposes Rule Amendments and New Rule to Improve Risk Management and Resilience of Covered Clearing Agencies
The Securities and Exchange Commission today proposed rule changes that would improve the resilience and recovery and wind-down planning of covered clearing agencies. The proposal would amend the existing rules regarding intraday margin and the use of substantive inputs to a covered clearing agency’s risk-based margin system and add a new rule to establish requirements for the contents of a covered clearing agency’s recovery and wind-down plan.

Statement on Clearinghouse Resiliency, Recovery, and Wind-Down
Chair Gary Gensler – SEC
Today, the Commission considers a proposal to help ensure the continuity of clearing services during times of significant stress. I am pleased to support the proposal because, if adopted, it would help enhance the resiliency of this part of our market plumbing, which is fundamental for the capital markets to operate. Clearinghouses sit in the middle of the capital markets, reducing risk amongst and between counterparties through multi-party netting. Rather than having thousands of bilateral or tri-party relationships amongst market participants, clearinghouses offer a classic hub and spoke model. Further, clearing reduces risk through the robust rules of the clearinghouses themselves, such as for the collection of initial and variation margin.

SEC Obtains Final Judgments Against New York Investment Adviser and Others for Defrauding Investors in a Multi-Million Dollar Ponzi Scheme
On May 12, 2023, the U.S. District Court for the Eastern District of New York entered a final judgment against New York investment adviser Brian Callahan, Callahan’s brother-in-law Adam Manson, and Manson’s two entities for their role in a Ponzi scheme halted by the SEC’s emergency action filed on March 5, 2012.

ESMA calls for legislative amendments to prevent undue costs in funds
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published an Opinion to the European Commission with suggested clarifications of the legislative provisions under the UCITS Directive and the AIFMD relating to the notion of “undue costs”.

ESMA appoints a new member and reappoints two members to its Management Board
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has appointed one new member and reappointed two members to its Management Board. The election took place at the Board of Supervisors meeting in Stockholm, on 17 May and the new member will take up their position on 1 July 2023.

FCA and PSR Boards appoint new members to decision-making committees
The FCA and PSR Boards have appointed two new Deputy Chairs – Margaret Obi and Edward Sparrow – to the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC).

Washington D.C. Meeting of the International Forum of Independent Audit Regulators (IFIAR)
Japan FSA
From April 25 to 27, 2023, the 23rd Plenary meeting of the International Forum of Independent Audit Regulators (IFIAR) was held in Washington D.C., United States. The Certified Public Accountants and Auditing Oversight Board (CPAAOB)/Financial Services Agency (FSA) and other member regulators from 44 jurisdictions attended the meeting.

Investing and Trading

Why are central bank forecasts so wrong? Mistakes in forecasting the severity of price pressures lead to soul-searching among rate setters
Chris Giles – Financial Times
The Bank of England is holding a “Festival of Mistakes” this week, celebrating lessons learnt from financial disasters of the distant past. Some would argue that they, and their counterparts at other central banks, should focus on more recent errors. Advanced economies are experiencing the most acute – and most enduring – outbreak of inflation for a generation. Yet almost all rate-setters failed to spot the degree to which price pressures would ratchet up – and stick around, despite record amounts of monetary and fiscal stimulus.

Sony considers partial spin-off and listing of financial services unit; Shares of Japanese conglomerate rise 6% as investors welcome idea
Kana Inagaki and Leo Lewis – Financial Times
Sony said it would consider spinning off and relisting shares of its financial services arm to bolster investments in its entertainment business, delighting investors with a U-turn in strategy. Shares in the Japanese group rose 6.4 per cent on Thursday as investors welcomed the move as a way to unlock value in the Japanese conglomerate. Sony plans to retain a stake of about 20 per cent and target a timeframe of two to three years for the listing.

Banks Want a Break From the FDIC; Also Bed Bath & Beyond stock, AT1 changes, AT1 CDS, Michael Lewis’s SBF book and Sweetgreen’s salad robots.
Matt Levine – Bloomberg
One solution to this crisis would be that, if the bonds magically went back to being worth 100 cents on the dollar, the banks would mostly be fine again. 1 That seems improbable, though I guess one interesting mechanism would be if the banking crisis caused enough of a recession to drive long-term interest rates back to where they were in 2020. Then the bonds would be fine, though probably the banks would have credit losses.

Swap Panel Is Now Being Asked Another Credit Suisse Question; Question comes one day after CDDC dismissed another query; Ruling could trigger payout on both senior, subordinated CDS
Luca Casiraghi and Giulia Morpurgo – Bloomberg
A day after dismissing a question that could’ve triggered Credit Suisse Group AG’s default swaps, a panel that oversees the credit derivative market received another question. The Credit Derivatives Determinations Committee was asked whether a bankruptcy credit event had occurred with regards to the Swiss lender in March, when it was taken over by UBS Group AG, according to a statement on its website.

Environmental, Social and Corporate Governance

New US solar tax credit rules will do little to break China dependence, experts warn; Treasury department unveils fresh guidance but analysts say few domestic companies could fully capitalise on the subsidy
Aime Williams and Amanda Chu and Derek Brower – Financial Times
Clean energy analysts have warned new US rules designed to speed up a reshoring of clean energy supply chains will do little in the short term to break their dependence on imports from China.

As Oil Giants Retreat Globally, Smaller Players Rush In; BP, TotalEnergies, Chevron and others are shifting to cleaner projects
Nicholas Bariyo, Juan Forero, and Jon Emont – The Wall Street Journal
Under pressure from shareholders and activists, major energy companies are retreating from higher-polluting and riskier projects around the world. A bunch of smaller companies are rushing in to fill the void. In Nigeria, smaller companies now hold nearly half of the country’s oil and gas oil leases acquired from major companies that have retreated in recent years. In Latin America, an independent firm has pushed into oil exploration in areas eschewed by Occidental Petroleum and BP. In Asia, Chevron is pulling out of a controversial gas project in Myanmar, and a little-known Canadian firm has agreed to snap up its stake.

Arizona’s farms are running out of water, forcing farmers to confront climate change
Ximena Bustillo – NPR
Cassy England is a fifth-generation farmer in Pinal County, Arizona. For decades, her family has been a part of the vibrant agricultural community in the southern part of the state, growing cotton, alfalfa and grains. But this year, she’s facing an unexpected challenge: She has to manage her crops with half of the usual water supply.

A Pipeline Pushed to the Limit Preceded Keystone’s Worst Oil Spill; Aggressive construction techniques and lax oversight left a vital artery for crude in America’s heartland vulnerable to leaks.
Robert Tuttle and Ari Natter – Bloomberg
When a seam joining two segments of the Keystone oil pipeline ruptured on a frigid night last December – spewing more than 12,000 barrels of heavy crude that polluted a Kansas creek – the disaster had already been years in the making.

Generate Capital partners with Ambient Fuels to scale green hydrogen projects and accelerate the decarbonization of hard-to-abate industrial sectors
Generate Capital
Generate Capital, a leading sustainable infrastructure investment and operating company, today announced it has made an investment in Ambient Fuels, a pioneering developer that builds green hydrogen projects to support the decarbonization of heavy industries and transportation.


UBS Faces Tough Choice Over Credit Suisse’s Domestic Business; Combined group would dominate parts of Swiss banking, but a full merger in Switzerland would likely involve thousands of job cuts
Margot Patrick – The Wall Street Journal
UBS Group has a quandary after buying Credit Suisse Group: Reward shareholders upfront by jettisoning the smaller bank’s Swiss domestic business, or prepare for a painful integration that would make it even more dominant in its home market.

FDIC Receiver Ordered to Turn Over Tax Refund Checks in Win For SVB Financial; Bank regulator loses initial round in fight over $300 million; Regulator, SVB Financial can decide later how to split refunds
Steven Church – Bloomberg
Federal bank regulators must turn over any tax refund checks made out to SVB Financial Group, a judge said Wednesday, handing the bankrupt holding company a victory in its strategy to pay bondholders.

Scaramucci Says SkyBridge Had the ‘Best 4 1/2 Months Since 2012’
Francesca Maglione – Bloomberg
SkyBridge Capital founder Anthony Scaramucci said his hedge fund investment firm’s performance this year is the best it has been in more than a decade. The firm had “the best 4 1/2 months” since 2012, Scaramucci said Wednesday in an interview with Bloomberg TV on the sidelines of the SALT iConnections New York conference.

Schwab Taps Credit Markets to Raise $2.5 Billion in Debt; Brokerage giant, under scrutiny this year, said in a filing it would use the proceeds for general corporate purposes
Justin Baer and Sam Goldfarb – The Wall Street Journal
Charles Schwab is selling $2.5 billion in long-term debt, people familiar with the matter said. The brokerage giant said Wednesday in a regulatory filing that it would offer senior notes due in 2029 and 2034. Schwab issued $1.2 billion of bonds due in 2029 and $1.3 billion of bonds due in 2034, according to a person familiar with the matter. The bonds due in 2029 were issued at a 5.643% yield, or 2.05 percentage point higher than U.S. Treasurys, while the notes due in 2034 were sold at a 5.853% yield or 2.27 percentage point spread.

Hedge Fund Trader Sanjay Shah Loses Appeal Over Order to Pay $1 Billion in Tax
Katharine Gemmell – Bloomberg
Sanjay Shah, a hedge-fund trader accused of masterminding a massive tax fraud, lost an appeal at a Dubai court over an order to pay the Danish authorities more than 8.5 billion krone ($1.24 billion).

UBS’s Sweet Deal for Credit Suisse Is Looking Even Sweeter; The failed bank’s assets aren’t as bad as some analysts and investors feared – and that is a big win for UBS
Paul J. Davies – Bloomberg

Wellness Exchange

Drug Shortages Near an All-Time High, Leading to Rationing; A worrisome scarcity of cancer drugs has heightened concerns about the troubled generic drug industry. Congress and the White House are seeking ways to address widespread supply problems.
Christina Jewett – The New York Times
Thousands of patients are facing delays in getting treatments for cancer and other life-threatening diseases, with drug shortages in the United States approaching record levels. Hospitals are scouring shelves for supplies of a drug that reverses lead poisoning and for a sterile fluid needed to stop the heart for bypass surgery. Some antibiotics are still scarce following the winter flu season when doctors and patients frantically chased medicines for ailments like strep throat. Even children’s Tylenol was hard to find.

The Health Tests You Need at Age 30, 40 and 50; It’s hard to keep track of when to start getting screened for health issues. Here’s a guide.
Sumathi Reddy – The Wall Street Journal
Keeping track of when to start screening for health issues from cancer to cholesterol can be confusing-not least because guidelines for some of the biggest tests have changed in recent years. Earlier this month, a government-backed panel of experts lowered the age at which they recommend women start getting mammograms to 40, down from the prior recommendation of 50. And many 40-somethings don’t realize they are now supposed to start getting colorectal cancer screenings at 45, even though that same expert panel lowered its recommendation from age 50 two years ago.

How one Michigan hospital cut its patient suicide rate by 70%
Justin P. Hicks – Michigan Live
A health system in Michigan says it has reduced its patient suicide rate by more than 70%, and that its high-risk patients have the “lowest documented rate” in the country. Henry Ford Behavioral Health in Southeast Michigan made significant progress through a collaborative care model its team developed called “Zero Suicide.” They’ve even had some years with no patient suicides.


‘Big money never buys cheap’: Why investors are waiting on Japan
Summer Zhen – Reuters
As Japan’s stock market roars to multi-decade highs, large investors with long memories say they are staying out, wary of sagging momentum and the prospect the central bank will unwind its massive monetary stimulus.

At Japan’s G7 summit, the big elephants are China and Russia
Trevor Hunnicutt and John Irish – Reuters
The longest shadows at the Group of Seven (G7) leaders’ summit this week will be cast by two countries that weren’t even invited to the Hiroshima gathering: China and Russia. As the heads of the world’s advanced democracies meet for three days from Friday in the western Japanese city, they will need to overcome some differences of their own, officials say, as they aim to project unity against challenges from Beijing and Moscow.

London’s economic growth outpaces all other UK regions
Valentina Romei – Financial Times
London’s economy is the best performing in the UK, recording the fastest expansion and smallest impact from coronavirus, according to data that emphasises the government’s challenge to “level up” the country. Output in the UK’s capital rose 0.9 per cent between the second and third quarters of last year, far outstripping the 0.1 per cent national contraction, the Office for National Statistics disclosed on Thursday.

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The Stock Market Has Rarely Been This Sleepy

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

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