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☆ No 'immediate path forward': CFTC is talking to Binance after launching legal action, official says
▼ + stars: | 2023-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

A Commodity Futures Trading Commission official said Tuesday that she hopes to find a "path forward" in the regulator's legal battle with crypto exchange Binance, noting that no decision has been taken yet on whether to settle the case or take it to court. Kristin N. Johnson, commissioner at the CFTC, said that the regulator has been in conversations with Binance to address its concerns about the company's conduct. And I want to say that typically, in the context of any litigation, we are always ready to have conversations and typically even ahead of the litigation," Johnson said in an interview with CNBC's Arjun Kharpal Tuesday. "As of the moment, we can conclude that there is not an immediate path forward," she added. Her comments mark a rare statement on the Binance suit to media since the CFTC first announced it was suing the company on Mar.

☆ Bitcoin volatility is back to pre-banking crisis lows, but crypto futures show investor optimism is building
▼ + stars: | 2023-04-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

This means traders expect bitcoin prices will increase and may be willing to pay a premium for longer-dated futures contracts in anticipation of those higher prices. The banking crisis opened many investors' eyes to the range of bitcoin's nonspeculative use cases, specifically its potential as an alternative banking system. As worries about U.S. banks have waned and inflation has eased, some are concerned the fallout from the U.S. banking crisis could tilt the economy into recession this year. The drop in bitcoin volatility also comes as the stock market's "fear index," the Cboe Volatility Index , has fallen to about 17 from 26 at the height of the banking crisis. New catalysts for volatility While the banking crisis briefly put some life back into the crypto market , tension between the crypto industry and U.S. regulators remains as a dark cloud over it.

☆ Bankrupt crypto firm FTX to sell LedgerX for $50 million
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +2 min

April 25 (Reuters) - FTX has reached an agreement to sell its crypto derivatives platform LedgerX LLC to an affiliate of Miami International Holdings Inc for $50 million, the bankrupt crypto exchange said on Tuesday. Since filing for bankruptcy in November, FTX has recovered over $7.3 billion in cash and liquid crypto assets, the company reported earlier this month. It continues to sell assets as part of that effort, recently agreeing to sell its stake in Web3 startup Mysten Labs for $95 million. The buyer, Miami International Holdings, owns the Bermuda Stock Exchange and several U.S.-registered securities exchanges, including the Miami International Securities Exchange. FTX may consider restarting or selling its crypto exchange as part of that process.

☆ Goldman Sachs wants to simplify options trading for its clients with this new AI-powered tool
▼ + stars: | 2023-04-24 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Goldman Sachs is building out a tool used by institutional clients for pricing derivatives. Goldman Sachs is expanding on a tool aimed at simplifying the complex world of derivatives trading for its institutional clients. At its core, Visual Structuring is making it easier to translate an idea about the markets into a potential options trading strategy. Screenshot of Goldman Sachs' Visual Structuring tool used to price options. Visual Structuring helped them explain the risk they're taking in a way that's easy to monitor and understand.

☆ If you hate tipping delivery people, drivers for Uber, Lyft, and DoorDash want you to consider these 4 main arguments why you should anyway
▼ + stars: | 2023-04-24 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

They responded to common reasons people don't want to tip their delivery drivers. Eight years later, Avedian said he's completed over 5,000 Uber and Lyft rides and a couple thousand food deliveries. Alix Anfang, an Uber spokesperson, told Insider that tipping has increased since 2020. "Food delivery has always had a high tipping rate, but the average tip on a delivery increased even further by about 20%." "If it wasn't for tips, delivery drivers wouldn't be making any money, period," Avedian said.

☆ Riding with the woman in charge of America’s last muscle car
▼ + stars: | 2023-04-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

I could take a ride in what will soon be America’s last gasoline-powered muscle car with the woman who’s in charge of getting it into production and onto the street. Courtesy FordTransou and others at Ford will tell you there is an electric Mustang, the Mustang Mach-E SUV. As we took off, there was a burst of speed and throaty V8 engine noise as we blasted down Manhattan’s 10th Avenue. First, it’s the only actual car Ford currently sells in the United States. About 40% of V8 Mustang buyers get a manual transmission, she said, going for that truly classic driving experience.

☆ Say Hi to SoFi. It’s Suing to Force You to Repay Student Loans Faster.
▼ + stars: | 2023-04-22 | by ( Ron Lieber | ) www.nytimes.com time to read: +1 min

SoFi exists because of a quirk in the federal student loan program. While the government charges different interest rates depending on the loan type, within those loan types there is no differentiation. Pretty quickly, as chief executive, Mr. Cagney brought shame upon the enterprise — romantic relationships with subordinates, leaving evidence of his misdeeds on private jet manifests — and showed himself out. His eventual replacement, Anthony Noto, a former Goldman Sachs managing director, then acquired a bank for SoFi, which had previously run commercials using the tagline “Don’t Bank. First, when you are a bank you can use money from depositors to make loans.

☆ U.S. financial regulators to tighten rules on non-banks, systemic risks
▼ + stars: | 2023-04-21 | by ( David Lawder | ) www.reuters.com time to read: +4 min

WASHINGTON, April 21 (Reuters) - Top U.S. regulators on Friday proposed new rules to speed the assessment of financial stability risks and make it easier to designate non-bank institutions as systemically important, subjecting them to Federal Reserve supervision. The multi-regulator Financial Stability Oversight Council released the proposals for public comment just over a month after two regional bank failures sparked the biggest financial system contagion threat since the 2008 financial crisis. U.S. Treasury Secretary Janet Yellen has raised concerns about non-bank financial institutions, including hedge funds, because of their lack of supervision and the potential for systemic spillovers from firms in distress. NOT USHedge fund, mutual fund and asset manager trade groups responded by saying that regulators should look elsewhere for threats to financial stability. The new framework also specifies vulnerabilities that FSOC and member regulators would consider when evaluating potential stability risks.

☆ U.S. financial regulators to tighten rules on non-bank firms, risk assessment
▼ + stars: | 2023-04-21 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, April 21 (Reuters) - The Financial Stability Oversight Council on Friday proposed guidance to make it easier to designate non-bank financial institutions for regulatory supervision and new procedures to better identify and respond to financial system risks. U.S. Treasury Secretary Janet Yellen has raised concerns about non-bank financial institutions, including hedge funds, private equity firms and pension funds as a potential source of financial instability because of a lack of supervision and. The new guidance removes some "inappropriate hurdles" to designating non-bank firms and replaces them with a process that allows for firms under review to have significant engagement with regulators. RISKS, VULNERABILITIESFSOC's proposed new risk assessment framework aims to enhance the council's ability to address financial stability risks by reviewing a broad range of asset classes, institutions and activities, according to a Treasury fact sheet. The new framework also specifies vulnerabilities that FSOC and member regulators would consider when evaluating potential stability risks.

☆ Guest view: Why bank investors have it the hardest
▼ + stars: | 2023-04-21 | by ( Rupak Ghose | ) www.reuters.com time to read: +6 min

But what matters at least as much for shareholders is the risk of near or total wipe-out, as demonstrated by Silicon Valley Bank and Credit Suisse. No investor could have known that Credit Suisse allowed Archegos to fund its trades with insufficient cash collateral. More recently, U.S. authorities seemed to flip-flop on whether uninsured depositors at other banks would enjoy the same protection offered to Silicon Valley Bank’s customers. The upshot for bank investors is that seemingly low valuations might not be low enough. Previously, he was head of corporate strategy at UK-based brokers ICAP and NEX, and an equity research analyst at Credit Suisse focused on the financial sector.

☆ North Korean hackers breach software firm in significant cyberattack
▼ + stars: | 2023-04-20 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +4 min

CNN —Suspected North Korean hackers infiltrated a software firm that claims hundreds of thousands of customers around the world in a cyberattack that shows Pyongyang’s advanced hacking capabilities, private investigators said Thursday. But it’s the latest evidence that North Korean hackers are pulling out all the stops to break into organizations to steal or spy on them in support of dictator Kim Jong Un’s strategic interests. A recent CNN investigation found a rampant effort by North Korean hackers to steal cryptocurrency and launder it into hard cash that might help fund the regime’s weapon’s programs. Trading Technologies has not been able to verify Mandiant’s findings yet because the company just became aware of the issue last week, a spokesperson for Trading Technologies told CNN on Thursday. “What we do know with certainty is that 3CX is not a vendor or a customer of Trading Technologies,” the Trading Technologies spokesperson said.

☆ Retail traders are dumping tech stocks, but loading up on this one big bank
▼ + stars: | 2023-04-20 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Retail traders may be selling tech stocks en masse, but they're spying opportunity in one major financial institution — Bank of America. Beneath the hood, however, retail traders are increasingly pivoting away from big tech names in favor of financials – suggesting a rotation between the biggest gainers and laggards in markets this year. Given this, here are 10 of the biggest stocks retail traders bought into this past week: Retail traders snapped up Bank of America shares, resulting in $82 million in net inflows, according to JPMorgan. American Airlines Group saw a big surge in retail trader interest, which saw a net $68 million in inflows. On the other hand, retail traders dumped some notable tech names such as Apple , with saw net selling of $190 million this past week.

LONDON, April 20 (Reuters) - Major U.S. crypto exchange Coinbase Global Inc (COIN.O) has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally. Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in "offshore" havens unless the U.S. and UK create "clarity about regulation" for crypto. Coinbase is planning to launch a crypto derivatives exchange in Bermuda as soon as next week, Fortune reported on Wednesday, citing a person close to the company. In March, derivatives trading volumes on major exchanges hit some $2.8 trillion, according to London researcher CCData, versus spot trading volumes of just over $1 trillion. Crypto firms say they need clarity about regulations, but Gensler has said that crypto markets "suffer from a lack of regulatory compliance, not a lack of regulatory clarity".

☆ Stocks advance, US 10-year yield slips as earnings roll in
▼ + stars: | 2023-04-19 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

Reuters GraphicsGoldman peer Bank of America (BAC.N) veered between gains and losses in choppy trading after its earnings beat estimates, and was last up 0.63%. "Earnings season so far has actually been better than expected by far on both earnings and revenues," said Randy Frederick, managing director, trading and derivatives at Charles Schwab in Austin, Texas. The pan-European STOXX 600 index (.STOXX) rose 0.38% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.24%. The yield on 10-year Treasury notes was down 1.3 basis points to 3.578% while the two-year U.S. Treasury yield, which typically moves in step with rate expectations, was up 2.8 basis points at 4.216%. U.S. crude settled up 0.04% at $80.86 per barrel and Brent was at $84.77, up 0.01% on the day.

Fox agreed to a $787.5 million settlement with Dominion Voting Systems on Tuesday. But a senior media executive told Insider that insurance typically handles these types of payments. Fox Corp. had nearly $4.1 billion of cash on hand, according to comments made in February by company CEO Lachlan Murdoch. Fox Corp., which also owns assets such as the broadcast network and streamer Tubi, has a market capitalization of $17.61 billion as of Tuesday. In 2017, Fox also agreed to a $90 million "derivatives" settlement against company officers over sexual harassment issues at Fox News, according to Reuters.

☆ America's richest banker quadrupled his firm's assets last year by making a massive bet that inflation would spike
▼ + stars: | 2023-04-19 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

His firm's assets shot up from $7.5 billion to $32.6 billion after making a big get on inflation, MarketWatch reported. According to MarketWatch, Beal Bank's assets shot up from $7.5 billion in late 2021 to $32.6 billion by the end of 2022 after making a bet timing inflation's sudden spike. Beal Bank bought up $21.2 billion of Treasury bonds, MarketWatch wrote citing sources familiar and filings with the Federal Deposit Insurance Corporation. As a result, Beal Bank's net income rose from $600 million to $1.48 billion over the course of a year. It isn't the first time Beal Bank has deftly navigated a volatile market.

SINGAPORE, April 17 (Reuters) - The dollar climbed to a one-month high against Japan's yen on Monday as traders eyed up another interest rate hike from the Federal Reserve, while the Bank of Japan stuck to its easy money policies. Expectations of higher interest rates relative to global peers tend to boost a currency by making investments there look more attractive, and vice versa. Reuters GraphicsMeanwhile, pricing in derivatives markets shows traders think there's a roughly 84% chance the Fed will hike rates again by 25 basis points in May, up from around 69% last week . It hit a one-year high of $1.108 on Friday, with traders expecting further interest rate hikes from the European Central Bank even as the Fed nears a pause. Foley expects one more 25 basis point rate hike from the Fed in May before it holds rates steady for the rest of the year.

☆ Goldman Sachs just upgraded an AI-powered tool that's part of its plan to simplify options trading for its clients
▼ + stars: | 2023-04-17 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Below are key extracts from the G7 climate, energy and environment ministers' communique, including the annex. RUSSIA"We condemn Russia's illegal, unjustifiable, and unprovoked war of aggression against Ukraine;"We stand ready to support the sustainable and resilient recovery and green reconstruction of Ukraine." "Currently $13 billion fiscal support that can be used for domestic and foreign projects is prepared across the G7 countries." PLASTIC POLLUTION"We are committed to end plastic pollution, with the ambition to reduce additional plastic pollution to zero by 2040." Reporting by Katya Golubkova; Editing by David Dolan and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Zero-day options fad could be why Wall Street's fear gauge appears to be showing less fear
▼ + stars: | 2023-04-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The index gets its value derived from option prices on short-term bets being made on the S & P 500. Market strategists say one explanation for the muted VIX is the explosion of zero-day-to-expiration options (ODTEs), contracts that expire the same day that they're traded. "The VIX Index might have become obsolete as a risk barometer," Doug Ramsey, Leuthold Group's chief investment officer, said in a note. Daily notional volumes in these 0DTE options that track the S & P 500 index have exploded to reach a record $1 trillion, according to JPMorgan. LPL Financial analyzed VIX levels for all trading days when the S & P 500 was in a drawdown ranging from 18.5% to 28.5%.

☆ Bank of America's top global strategist warns there's 'plenty of room for more S&P 500 downside' as 80% of recessions since 1933 have torpedoed stocks by 20% after they started
▼ + stars: | 2023-04-15 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Hartnett says S&P 500 EPS will fall by 16% in 2023, compared to the market's view of -4%. Some argue that stocks have already priced in a recession, having fallen 20% in 2022 (though the S&P 500 has rallied 8% year-to-date). He continued: "Plenty of room for more S&P 500 downside…since 1929, 2/3 of the S&P 500 peak-to-trough drawdowns have occurred during, not before, US recessions." So whether we have an economic recession or not it isn't as important as the earnings recession," he said. Most strategists see a more mild decline in store for stocks, and most — including Wilson — see the S&P 500 finishing the year somewhere near 4,000.

NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel in New York, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

NEW YORK, April 14 (Reuters) - Societe Generale SA (SOGN.PA) agreed to pay $105 million to settle U.S. investor litigation accusing the French bank of violating antitrust law by conspiring with rivals to rig Euribor, a key European interest rate benchmark. A preliminary settlement was filed late Friday with the U.S. District Court in Manhattan, and requires a judge's approval. If approved, the accord would mean investors have obtained $651.5 million of settlements with seven banks. Societe Generale denied wrongdoing in agreeing to settle, court papers show. The case is Sullivan et al v. Barclays Plc et al, U.S. District Court, Southern District of New York, No.

Summary Dollar index on course for fifth weekly lossesEuro touches two-month highLONDON/SINGAPORE, April 13 (Reuters) - The dollar fell to a two-month low on Thursday after data showed U.S. inflation slowed sharply in March, bolstering hopes that the Federal Reserve's rate-hiking campaign is either already finished or will be by May. The dollar dropped after the data was released and weakened further on Thursday, helping the euro rise 0.27% to a two-month high of $1.102. The dollar index , which measures the greenback against six major peer, was last down 0.2% at 101.28, its lowest since the start of February. John Hardy, head of FX strategy at Saxo Bank, said the inflation data "left the market with not much to go on". He said he expects the dollar to grind lower from here as inflation cools and the economy slows.

☆ Goldman recommends buying call options in these two tech titans before their earnings reports
▼ + stars: | 2023-04-13 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

Goldman Sachs recommends clients buy call options on Apple and Microsoft ahead of each company's earnings reports in two weeks. For Apple, Goldman thinks the mobile app spending portion of the company will beat Wall Street expectations and service revenue will become the main force behind earnings growth. "While app spending growth has slowed, as we lap recent benefits from consumer stimulus and engagement benefits due to the pandemic he expects app spending to resume mid-teens growth in F2024." AAPL YTD mountain Apple could beat expectations in mobile app spending and boost shares as investors look toward earnings, according to Goldman Sachs. "AI-related 12 April 2023 3 Goldman Sachs Weekly Options Watch workloads can also provide a boost to Azure over time.

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